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This  Treatise  comprises  forms  of  RECEIPTS,  DRAFTS,  BILLS  OF  PARCELS, 
ACCOUNTS  CURRENT,  and  such  Accounts  as  usually  occur  in  actual  business. 

Also,  USEFUL  CALCULATIONS  of  Interest,  Equation  or  Average  of  Payments,  and  a 
VocAB CLARY  of  Commercial  Terms,  in  Mphabetical  order. 

It  contains  a  Series  of  Lectdres  on  Double  Entry,  peculiarly  adapted  to  extensive  and 
complicated  business. 

The  Lectures  include  a  variety  of  Questions  concerning  Domestic  Business — ^Discounting 
and  Renewing  Bills — Importing  and  Exporting — the  Purchase  and  Sale  of  Bills  of  Exchange — 
Commission  and  Company  Accomits,  both  Domestic  and  Foreipi. 


THIRD    EDITION. 


By    JOHN    H.    SHEA,    Accountant. 


BALTIMORE: 
PUBLISHED    BY   THE    AUTHOR. 

JOHN    MURPHY,     PRINTER. 

1845. 


Price,  $2. 


ENTERED  ACCORDING  TO  THE  ACT  OF  CONGRESS,  IN  THE  YEAR  EIGHTEEN 
HUNDRED  AND  THIRTY-NINE,  BY  JOHN  H.  SHEA,  IN  THE  CLERK's  OFFICE, 
OF  THE  DISTRICT  COURT  OF  MARYLAND. 


PREFACE. 


Book-Keeping  is  a  science  of  daily  use,  and  is  of  the  greatest 
importance  in  commercial  transactions.  To  be  well  versed 
in  it,  is  an  indispensable  accomplishment  for  persons  entering 
upon  business,  whether  as  merchants,  lawyers,  doctors,  farmers 
or  mechanics. 

The  object  aimed  at  is  a  true  and  correct  statement  of  a  per- 
son's affairs;  the  recording  of  his  transactions ;  the  arrangement 
of  his  accounts  systematically,  according  to  the  best  and  most 
approved  plans  now  adopted.  A  perfect  knowledge  of  Book- 
keeping enables  a  person  to  avoid  confusion  in  his  accounts, 
loss  of  property,  and  other  casualties  to  which  many  have  been 
exposed,  either  from  ignorance  of  the  subject,  or  want  of  at- 
tention. To  a  man  in  business,  Book-keeping  is  of  primary 
consideration,  as  it  affords  a  complete  illustration  of  the  utility 
of  method. 

This  work  commences  with  Single  Entry  by  two  methods,  in 
both  of  which  the  terms  of  Dr.  and  Cr.  and  their  application 
are  clearly  defined. 

It  contains  an  explanation  of  the  principles  of  Double  Entry  ; 
of  the  several  books  used  in  business ;  of  the  nature  of  real,  per- 
sonal and  imaginary  accounts  in  the  Ledger,  with  appropriate 
definitions. 

3 


r-=*-^<f"kr>  /« 


PREFACE. 


Forms  of  receipts,  drafts,  bills  of  parcels,  accounts  current, 
and  such  accounts  as  usually  occur  in  real  business,  and  useful 
calculations  are  given,  with  a  vocabulary  of  commercial  terms, 
in  alphabetical  order. 

A  course  of  lectures  on  Double  Entry  by  the  way  of  question 
and  answer,  with  a  general  rule  for  journalizing  and  occasional 
notes,  is  presented  to  the  student  with  the  view,  that  from  the 
numerous  mercantile  transactions  therein  elucidated,  he  may 
derive  the  desired  advantage. 

The  lectures  comprise  various  questions  in  domestic  busi- 
ness ;  discounting  and  renewing  bills ;  importing  and  exporting ; 
the  purchase  and  sale  of  Bills  of  Exchange ;  commission  and 
company  accounts,  both  foreign  and  domestic.  The  practice 
of  the  best  regulated  counting  houses  is  strictly  adhered  to, 
throughout  this  treatise. 

He,  who  has  not  the  advantage  of  a  tutor's  instruction,  will 
not  fail  to  perceive  that  the  plan  to  be  pursued  is,  after  having 
studied  one  lecture,  he  should  examine  himself  by  the  questions 
adapted  to  it :  and  on  the  following  day  take  the  questions  only, 
and  write  in  his  own  words,  the  best  answers  he  can  devise, 
and  then  compare  them  with  the  book,  without  proceeding  to  a 
second  lecture,  till  the  first  is  well  understood.  It  is,  however, 
essentially  necessary  that  he  should  be  thoroughly  acquainted 
wath  the  terms  and  phrases  in  use  before  he  can  acquire  any 
real  benefit  from  this  method. 

If  the  learner  have  only  retail  business  in  view,  either  of  the 
two  methods  by  single  entry  will  suffice.  After  having  finished 
single  entry  Book-keeping,  he  may  employ  himself  in  drawing 
out  Bills  of  Parcels,  Notes,  Receipts,  Drafts,  &c. 

4 


PREFACE. 


In  learning  double  entry  Book-keeping,  strict  attention  must 
be  paid  to  the  general  rule  for  journalizing.  While  he  is 
writing  the  Day  Book,  the  opposite,  or  right  hand  page  of  the 
journal  maybe  left  blank;  as,  by  having  always  in  view  the 
transactions  of  the  Day  Book,  he  will  more  readily  understand 
the  journal  entries.  After  having  copied  the  Day  Book,  he  may 
journalize  a  month's  business,  post  it  into  the  Ledger,  and  so 
on  with  the  other  two  months.  Having  posted  the  journal  en- 
tries, he  may  make  a  trial  balance,  prepare  the  profit  and  loss, 
and  balance  accounts,  the  results  of  which  will,  if  correct,  cor- 
respond with  the  book.  These  exercises,  rightly  understood, 
will  enable  the  learner  to  discharge  his  duties  with  ease  and 
propriety,  if  placed  in  a  counting-room ;  although  some  mer- 
chants' books  will  differ  in  form  and  number,  yet  the  principles 
are  always  the  same. 

It  is  confidently  anticipated  that  this  work  will  be  worthy  the 
acceptance  of  business  men,  and  persons  intended  for  mercan- 
tile pursuits.  In  short,  it  will  be  found  well  calculated  for 
schools,  academies,  and  the  counting-room. 


Digitized  by  the  Internet  Archive 

in  2007  with  funding  from 

IVIicrosoft  Corporation 


http://www.archive.org/details/bookkeepingbysinOOshearich 


PART   I 


BOOK-KEEPING  BY  SINGLE  ENTRY. 


Book-keeping  is  the  art  of  recording  the  transactions  of 
persons  in  business,  in  such  a  manner,  as  to  present  a  distinct 
view  of  the  state  of  their  affairs. 

The  mode  of  keeping  books  may  be  varied  according  to  the 
peculiar  nature  of  the  business ;  but  there  are,  strictly  speaking, 
only  two  methods,  which  materially  differ  from  each  other: — 
Book-keeping  by  Single  Entry  and  by  Double  Entry.  Book- 
keeping by  Single  Entry  is  simple  and  concise,  and  contains 
personal  accounts  only. 

The  Ledger  kept  on  this  plan,  affords  to  the  owner  a  view 
or  knowledge  of  the  debts  due  to  him,  and  of  those  he  owes  to 
others.  This  mode  of  keeping  books  is  adapted  to  retail  busi- 
ness.    The  principal  books  used  are  a  Day  Book  and  a  Ledger. 

The  DAY  BOOK  records  every  transaction  by  whicli  new 
debts  are  contracted,  or  former  ones  discharged.  The  entries 
may  be  made,  either  in  the  style  of  Dr.  and  Cr.,  as  John  Pow- 
ers, Cr.,  Nathan  Rogers,  Dr.;  or,  in  common  language,  as, 
Bought  of  John  Powers,  and  Sold  Nathan  Rogers.  The  fol- 
lowing rule  w^ill  direct-the  learner  in  distinguishing  Dr.  and  Cr. 
in  any  transaction.  The  person  who  receives  any  thing  is  Dr., 
and  the  person  who  gives  or  delivers  any  thing,  is  Cr. 

For  example:  if  you  sell  goods  to  any  person  on  credit,  he 
being  the  receiver,  is  Dr.  for  the  value ;  and  when  he  pays  you 
for  them,  he  being  the  person  who  gives,  is  Cr.    By  the  same 

T 


DIRECTIONS    FOR    POSTING,  &C. 

rule,  the  person  from  whom  you  purchase  goods  on  credit,  he 

being  the  deliverer,  is  Cr.;  and  when  you  pay  him  for  them,  he 

being  the  receiver,  is  Dr. 

The  LEDGER  contains  an  account  for  every  person  of  whom 
.  gpo^s  ^€^  boiughx,  or  to  whom  goods  are  sold  on  credit ;  where 

the  articles  for  which  he  is  accountable  to  you,  and  those  for 
^"^whicb  youare  acccuntable  to  him,  are  placed  on  opposite  pages 

of  the  same  folio  :  the  Dr.  articles  on  the  left,  and  Cr.  articles 

on  the  right  hand  page,  in  order  to  show  the  state  of  every 

person's  account  at  one  view/ 


DIRECTIONS  FOR  POSTING,  &c. 

To  post  the  Ledger,  first  open  an  account  for  every  person 
with  whom  there  are  dealings  in  the  Day  Book,  and  allot  such 
a  space  as  you  may  think  sufficient  for  subsequent  entries.  The 
titles  of  the  accounts  should  be  written  in  a  plain  round  hand,, 
and  entered  in  an  index.  Then  debit  or  credit  the  person  for 
the  amount  as  stated  in  the  Day  Book ;  that  is,  write  the  date  of 
the  entry  on  the  margin,  and  say,  To  Merchandise  or  Cash,  or 
By  Goods  or  Cash,  as  the  case  may  be ;  insert  in  the  folio  col- 
umn, the  page  of  the  Day  Book,  from  which  you  are  posting, 
and  the  amount  in  the  money  column. 

When  the  space  allotted  for  any  person's  account  is  filled  up, 
it  must  be  transferred  to  another  folio.  Either  the  sum  or  dif- 
ference of  the  two  sides  may  be  inserted  in  the  new  folio. 

If  a  customer  wishes  his  account  settled  before  it  is  posted 
into  the  Ledger,  examine  the  Day  Book  and  see  where  he  is  first 
charged  or  credited,  and  make  the  necessary  entries  on  a  piece 
of  loose  paper,  until  you  can  find  no  more  respecting  him ;  or, 
if  the  debits  and  credits  are  equal,  there  is  nothing  due  by  you 
nor  to  you,  credit  him  in  the  Day  Book  for  the  sum  he  pays 

8 


DiaECTIONS   FOR   POSTING,  &,C. 

you,  or  debit  him,  if  there  is  a  balance  due  of  you,  for  what  you 
pay  him ;  or  if  the  whole  balance  be  discharged  by  either,  mark 
paid  on  the  margin  of  the  Day  Book. 

If  the  account  were  posted  into  the  Ledger,  and  a  balance 
due  to  him,  or  by  him,  and  the  whole  be  now  discharged,  do  not 
mark  it  paid  on  the  margin,  but  debit  or  credit  him,  To  or  By 
cash,  or  note,  or  merchandise,  as  the  case  may  be;  then  close 
the  account  in  the  Ledger  by  posting  what  was  due  in  the  Day 
Book,  in  the  usual  way.  If  you  deliver  goods  or  merchandise 
to  A  on  B's  account,  debit  or  charge  B  in  the  Day  Book,  to 
merchandise  delivered  A  on  his  account,  stating  particulars ;  or 
if  you  deliver  goods  to  any  of  his  family,  or  domestics,  the  per- 
son to  whom  the  goods  were  delivered,  should  be  recorded. 
If  you  dispose  of  goods  on  credit,  and  receive  a  note  for  the 
amount,  debit  the  buyer  in  the  Day  Book  for  the  amount  of  the 
goods,  and  credit  him  for  the  note. 

If  a  person  purchase  goods  of  you,  and  pay  you  in  part,  debit 
him  for  the  whole  amount  of  the  goods,  and  credit  him  for  the 
part  paid. 

The  first  DAY  BOOK  is  named  A,  the  second  B,  &c.     The  • 
first  LEDGER  is  named  A,  the  second  B,  &c.     The  auxiliary 
books  must  have  corresponding  letters ;  or  the  books  might  be 
numbered  1,  2,  3,  &c. 

When  a  debtor  is  entered  on  the  credit  side  in  the  Ledger,  ^ 
prefix  the  word  error  before  it  on  the  margin,  and  place  it  on 
the  debtor  side,  where  it  is  to  be  entered  twice,  once  for  the 
correction  of  error,  secondly,  to  balance  the  error  on  the  credit 
side ;  the  same  rule  holds  good  with  regard  to  the  Dr.  side.  If 
an  article  is  entered  on  the  Dr.  or  Cr.  side  of  an  account  to 
which  it  does  not  belong,  the  error  is  corrected  by  placing  the 
same  once  on  the  opposite  side. 


OF    CLOSING    THE    LEDGER. 

OF  CLOSING   THE    LEDGER. 

In  order  to  strike  a  general  balance,  begin  with  the  first  ac- 
count in  the  Ledger,  add  up  the  sum  of  the  Dr.  and  Cr.  sides ; 
if  they  are  equal,  it  closes  of  itself;  if  not,  deduct  the  less  from 
the  greater  sum,  and  close  it  To  or  By  balance  for  the  differ- 
ence ;  that  is,  if  the  Dr.  is  greater,  close  it  By  balance  on  the 
Cr.  side — that  is,  the  sum  which  the  account  owes  you ;  but  if 
the  Cr.  side  is  greater,  close  it  To  balance  on  the  Dr.  side,  for 
what  you  owe,  and  proceed  in  the  same  manner  with  the  rest  of 
the  accounts,  until  they  are  all  balanced.  "^ 

Collect  the  several  balances  into  the  balance  Sccount.     Then  \ 
the  Dr.  side  of  balance  account  will  show  all  the  debts  due  to 
you,  and  the  Cr.  side  all  the  debts  due  by  you. 

If  you  want  to  ascertain  the  amount  of  your  property,  or  the 
present  state  of  your  affairs,  make  an  estimate  of  the  goods 
unsold,  taken  by  inventory,  to  which  add  the  cash  in  hand,  with 
all  your  notes  and  other  obligations,  together  with  the  amount 
of  the  Dr.  side  of  balance  account,  from  which  deduct  the 
amount  of  the  several  balances  due  by  you,  and  the  difference 
will  be  your  net  stock,  or  what  you  are  actually  worth  after 
paying  your  debts.  This,  compared  with  your  former  stock, 
will  show  the  gain  or  loss  in  the  business  since  the  last  balance. 


10 


DAY-BOOK 

A, 


Beginning  JANUARY  1, 1839,  and  ending  FEBRUARY  1, 1839. 


(1) 


Baltimore,  January  1st,  1839. 


Philip  Laurenson,  Cr. 
By  1  hhd.  N.  O.  Sugar,  net  1160  lbs. 

at  Scents,     -         -        -        -  |92  80 

"    120  lbs.  Rio  Coffee,  at  11  cts.  13  20 


Charles  McColgan,  Cr. 

By  10  bbls.  N.  E.  Rum,  350  gals,  at  36  cts. 


3 


Wm.  Abbot,  Cr. 

By  10  casks  Linseed  Oil,  240  gals,  at  60  cts. 


Thomas  Andrews,  Dr. 

To  1  bag  Rio  Coffee,  120  lbs.  at  12^,  $15  00 
"  2  bbls.  N.  E.  Rum,  70  gals,  at  40.  28  00 
*«  5  casks  Linseed  Oil,  120  gals,  at  80,   96  00 


Nathan  Rogers,  Cr. 

By  30  bbls.  Rye  Whiskey,  1080  gals. 

at  33i,         -         -        -         -        360  00 
"    15  bbls.  Jam.  Spts.  542  gals,  at  60,  325  20 


John  Powers,  Dr. 

To  1  hhd.  N.  O.  Sugar,  1160  lbs.  at  9,  104  40 
"  2  bbls.  N.  E.  Rum,  70  gals,  at  42,    29  40 


Thomas  Andrews, 
By  Cash  on  account. 


Cr. 


7   ^ 


John  White  &  Son, 
To  cash  lent, 


Drs. 


$106 


126 


144 


00 


00 


00 


139 


00 


685 


20 


133 


100 


600 


80 


00 


00 


12 


Baltimore,  January  1th,  1839. 

John  McPherson,  Dr. 

To  6  bbls.  N.  E.  Rum,  210  gals,  at  50  cts.     • 

. 8 

James  Bacon,  Dr. 

To  5  casks  Linseed  Oil,  120  gals,  at  90  cts.     • 

Wm.  Boggs,  Dr. 

To  30  bbls.  Rye  Whiskey,  1080  gals,  at  40  cts 

9 

John  White  &  Son,  Crs." 

By  cash  returned,  -        -        -        .         . 

Eneas  McFaul,  Dr. 

To  15  bbls.  Jamaica  Spirits,  542  gals,  at  95  cts, 

10 

Joshua  Dryden,  Cr. 

By  7i  cwt.  N.  O.  Sugar,  at  $8,     - 

14   

Thomas  Andrews,                                     Ca. 
By  cash  in  full, 

17    

Wm.  Boggs,  Cr. 

By  6  chests  Y.  H.  Tea,  at  $18,      - 

18  

Wm.  Campbell,  Dr. 

To  6  chests  Y.  H.  Tea,  at  $25  per  chest, 

19 

Wm.  Campbellft  Or. 

By  cash  in  full,     ...... 

IS 


(2) 


$105 


108 


432 


500 


514 


60 


39 


108 


150 


150 


00 


00 


00 


00 


90 


00 


00 


00 


00 


00 


(3) 


Baltimore,  January  24«/i,  1839. 


Wm.  Campbell,  Cr. 

By  200  yds.  Brussels  Carpeting,  at  $1  50, 


Lorenzo  Dorsey,  Dr. 

To  100  yds.  Brussels  Carpeting,  at  $2  00, 


26 


Joshua  Dryden,  Dr. 

To  50  yds.  Brussels  Carpeting,  at  %2  00, 


Lorenzo  Dorsey, 
By  cash  in  full, 


Cr. 


28 


George  Mortimer,  Cr. 

By  40  yds.  Superfine  Cloth,  at  $8  00,     - 


30 


Eneas  McFaul,  Cr. 

By  10  bbls.  Family  Flour,  at  $6  00, 


George  Mortimer, 

To  5  bbls.  Flour,  at  $8  00, 

Feb.  1 


Dr. 


Wm.  Dawson, 

To  5  bbls.  Flour,  at  $9  00, 


Dr. 


John  Parsons,  Dr. 

To  20  yds.  Superfine  Cloth,  at  $9  00,     - 


George  Peters,  > 

To  10  yds.  Sup.  Cloth,  at  |9  50,  - 
14  f 


Dr. 


INDEX    TO    LEDGER    A. 


SINGLE    ENTRY 


A.  Fo. 

bbott,  Wm 1 

ndrews,  Thos 1 

B. 

aeon,  James 1 

oggs,  Wm 1 

C. 

ampbell,  Wm.     .     .     .     .     .1 

D. 
ryden,  Joshua     .     .     .     .     .2 

orsey,  Lorenzo 2 

awson,  Wm 2 

I. 

)hn  White  &  Son,    ....  2 


L-  Fo. 

Laurenson,  Philip      .     .     .     .  2 

M. 

McColgan,  Chas 3 

McFaul,  Eneas 3 

McPherson,  John      .     .     .     .2 
Mortimer,  George     ....  3 

P. 

Parsons,  John  .     .     .     .     .     .3 

Peters,  George 1 

Powers,  John 3 

R. 

Rogers,  Nathan    .     .     .     .     .3 


IS 


(I) 


LEDGER,  BY 


1839 

Dr. 

WILLIAM 

Feb. 

1 

To  balance,      - 

■ 

4 

144 

00 

Dr. 

THOMAS 

Jan. 

4 

To  sundries,     - 

1 

139 

00 

Dr. 

JAMES 

Jan. 

8 

To  Linseed  0\\ 

# 

2 

108 

00 

Dr. 

WILLIAM 

Jan. 

8 

To  Whiskey,  - 

2 

432 

00 

Dr. 

WILLIAM 

Jan. 

18 

To  y.  H.  Tea, 

.... 

2 

150 

00 

Feb. 

1 

"   balance. 

4 

300 

00 

450 

00 

Dr. 

GEORGE 

Feb. 

1 

To  superfine  Cloth 

3 

95 

00 

16 


SINGLE    ENTRY. 


0) 


1839 
Jan. 


Jan. 


o 
14 


Feb. 


Jan. 
Feb. 


17 
1 


Tan. 


19 
24 


Feb. 


ABBOTT, 

By  Linseed  Oil, 


Cr. 


144 


00 


ANDREWS,  Cr. 

By  cash  on  account,  -  -         - 
"      "     in  full, 

BACON,  Cr. 

By  balance,      -         - 

BOGGS,  Cr. 

By  Tea,  -        -         -  -         - 

"   balance, 

CAMPBELL,  Cr. 

By  Cash,  .         -  -         . 

"   Brussels  Carpeting, 

PETERS,         Cr. 

By  balance,   -    -  -    - 


100 
39 

139 


108 


00 
00 

00 


00 


108 
324 

432 


150 
300 

450 


95 


00 
00 

00 


00 
00 

00 


00 


(2) 


LEDGER,   BY 


1839 
Jan. 


2Q 


Dr.  JOSHUA 

To  Brussels  Carpeting, 
1 


Jan. 


24 


Feb. 


Jan. 


Dr.  LORENZO 

To  Brussels  Carpeting, 


Dr. 

To  Flour, 


Drs. 

7     To  cash  lent. 


Feb.      1 


Jan. 


Dr. 

To  balance, 


Dr. 

To  Rum, 


WILLIAM 


JOHN  WHITE 


PHILIP 


JOHN 


00 


200 


00 


45 


00 


500     00 


106 


00 


105 


00 


18 


SINGLE    ENTRY. 

DRYDEN,  Ctt. 

By  N.  O.  Sugar, 

"   balance,      -        -  -        - 

DORSEY,  Cr. 

By  cash  in  full,  .  .        - 

DAWSON,  Cr. 

By  balance,       -         -  .        - 

and  SON,  Crs. 

By  cash,  .        .  .        - 

LAURENSON,  Cr. 

By  sundries,     -        -  -        - 

McPHERSON,  Cr. 

By  balance,      .         -  -        - 

19 


(2) 


1839 

Jan. 
Feb. 


10 

1 


Jan. 


26 


Feb. 


Jan. 


Jan. 


Feb. 


$60 
40 

100 


200 


00 
00 

00 


00 


45 


00 


500 


00 


106 


00 


105 


00 


(3) 


LEDGER,    BY 


1839 
Feb. 


Jan. 


Dr. 

To  balance, 


CHARLES 


Dr.  ENEAS 

To  Jamaica  Spirits, 


Jan. 


30 


Feb.      1 


Feb. 


Feb. 


Jan. 


Dr. 

To  Flour, 
"    balance. 


GEORGE 


Dr.  JOHN 

To  superfine  Cloth,  - 


Dr. 

To  balance, 


NATHAN 


Dr. 

To  sundries. 


JOHN 


$126 


00 


514 


90 


40 

280 

^20" 


00 
00 

W 


180 


00 


685 


20 


133 


80 


20 


»    SINGLE    ENTRY. 

McCOLGAN,  Cr. 

By  Rum,  _        -  -        . 

McFAUL,  Cr. 

By  Flour,  .         .  -         - 

"   balance,      -         -  -         - 

MORTIMER,  Cr. 

By  superfine  cloth,    -  -        - 

PARSONS,  Cr. 

By  balance,      -         -  -         - 

ROGERS,  Cr. 

By  sundries,     -        -  -        - 

POWERS,  Cr. 

By  balance,      -        -  -        - 

21 


(3) 


1839 
Jan. 


Jan. 
Feb. 


SO 

1 


Jan. 


28 


Feb. 


Jan. 


Feb. 


$126 


00 


60 
454 


00 
90 


514     90 


320 


00 


180 


00 


685 


20 


133 


80 


w 


LEDGER,   BY 


1839 


Feb.      1 


Dr. 


BALANCE, 


To  James  Bacon,        due'to  me, 

"  Eneas  McFaul, 

"  Joshua  Dryden, 

"  Wm.  Dawson, 

"  John  McPherson, 

"  Wm.  Boggs, 

"  John  Parsons, 

"  George  Peters, 

"  John  Powers', 

Amount  of  Debts  due  to  me,    - 

"   Mdse.  in  store,  as  per  inventory,    - 
"   Cash  in  hand,  as  per  Cash  Book,     - 

Total  of  Debts,  Mdse.  and  Cash, 


$108 

454 

40 

45 

105 

324 

180 

95 

133 

1485 

215 
1489 

3189 


22 


SINGLE    ENTRY. 


(4) 


Cr. 

due  to  him, 


By  Wm.  Abbott, 
"    Wm.  Campbell, 
"   P.  Laurenson, 
"   C.  McColgan, 
"   George  Mortimer, 
"   N.  Rogers, 


Amount  of  Debts  due  by  me,     - 

"   Cash  in  hand  at  the  commencement 
of  my  business,  as  per  Cash  Book, 


Net  gain  in  one  month, 


144 
300 
106 
126| 

280 
685 

1641 

1000 

2641 

548 

3189 


00 
00 
00 
00 
00 
20 

20 


00 

20 
50 

70 


SIS 


LEDGER,  BY 


1839  Dr.  cash, 

Jan.       1        To  Stock  for  money  in  hand  this  day,    - 

5        "    Thos.  Andrews,  received  from  him  on 

account,    ------- 

9         "   John  White  &  Son,*  received  from 

them  in  full, 

14         "   Thos.  Andrews,  received  from  him  in 

full,      - ^  -     - 

19         "   Wm.  Campbell,  received  from  him  on 

account, 

"   Lorenzo  Dorsey,  received  from  him 
in  full,  -     -     -     -     -     -     -     - 


Feb.      1         "   Balance  from  last  month. 


*  It  is  a  custom  with  some  Merchants  to  keep 
what  is  termed  a  "  Borrow  and  Loan  Book,"  in 
which  are  recorded  the  sums  borrowed  and  loaned, 
&c. 


Note. — The  Cash  account  exhibits  all  money 
transactions ;  it  is  kept  in  folio  form,  as  above,  with 
the  Dr.  on  the  left  hand  page,  and  the  Cr.  on  the 
right.  The  Dr.  contains  all  the  money  received 
from  whom,  for  what,  and  for  whose  account ;  and 
on  the  Cr.  all  the  money  paid  in  like  manner.  The 
excess  of  the  Dr.  above  the  Cr.  side,  will  always  be 
the  money  in  hand. 


$1000 

00 

100 

00 

500 

00 

39 

00 

150 

00 

200 

00 

1989 

00 

1489 

00 

24 


SINGLE   ENTRY 


1839 

Jan. 
Feb. 


Cr. 


By  John  White  &  Son,  lent  them, 
"   balance, 


$500 
1489 


00 
00 


$1989  00 


The  Cash  Book  may  be  abridged  by  the  help  of 
a  Petty  Cash  Book,  which  contains  an  account  of 
trifling  charges  on  goods,  of  family  and  other  inci- 
dental expenses. 

All  the  money  you  receive,  daily,  for  Merchan- 
dise sold,  can  be  entered  on  the  Dr.  side  of  the  Cash 
account.  All  the  money  paid  for  the  purchase  of 
Merchandise  may  be  entered  on  the  Cr.  side  of  the 
Cash  Account.  Some  persons  keep  a  Bill  Book,  as 
well  as  other  auxiliary  Books,  vide.  Forms,  Ex- 
planations, &c.  on  Book-keeping  by  Double  Entry, 
in  this  work. 


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END   OF    LEDGER    A,    BY    SINGLE   ENTRY. 


26 


ANOTHER    METHOD 


KEEPING   ACCOUNTS   BY   SINGLE   ENTRY. 


The  following  method  of  keeping  accounts  will  be  found  very 
useful  and  convenient  to  Farmers,  Mechanics  and  all  whose  business 
is  not  very  extensive. 

It  is  so  plain  that  a  person  of  ordinary  capacity  may  acquire  a 
knowledge  of  it  in  a  very  short  time.  It  is  intended  to  do  away 
with  the  use  of  a  Day  Book  separate  from  the  Ledger,  and  the  tedious 
work  of  posting  from  particular  entries  in  the  Day  Book. 


INDEX. 


Crook,  Joseph 


Fo. 

1,3 


M. 
Murdock,  Thomas 


Purviance,  William    . 


W. 


Fo. 

.  2 


Webb,  Henry 


21 


0) 


JOSEPH    CROOK, 


Dr. 


Cb. 


2 
it 

cc 

4 
5 
8 
9 
10 

11 

12 


14 
15 
17 

18 
19 

22 


To  14  yds.  superfine  cloth,  at  $6  p.  yd. 
"  I  chest  Y.H.  Tea,261bs.  at50cts. 

"  2  doz.  Buttons, 

"  14  lbs.  Butter,  at  37|  cts.  -  -  - 
"  20  lbs.  Crackers,  at  10  cts.  -  - 
"  5  gals.  Malaga  Wine,  at  85  cts.   - 

By  cash  on  account,  -  -  -  -  _ 
"  6  lbs.  Sugar,  at  10  cts.  .  -  -  - 
''   14  lbs.  Rio  Coffee,  at  14  cts.  -     - 

To  60  lbs.  Cheese,  at  12|  cts.  -  - 
«  42  lbs.  Butter,  at  25  cts.     -     -     - 

"  Amount  carried  to  page  3,      -    - 


THOMAS   MURDOCK, 

To  6  bbls.  Family  Flour,  at  $T,  -  - 
"  50  lbs.  St.  Dom.  Coffee,  at  IS^cts. 
"  50  lbs.  N.  O.  Sugar,  at  9  cts.  -  - 
"  60  lbs.  Ground  Pepper,  at  50  cts, 
By  an  accepted  order  on  J.  Cox,  -  - 
To  60  lbs.  Cheese,  at  11  cts.  -  -  ■ 
By  Merchandise,  as  per  bill,    -     -     • 


28 


|84 

13 

1 

5 
2 
4 

7 
10 

00 
00 
75 
25 
00 
25 

50 
50 

50 

1 

00 
60 
96 

128 

25 

52 

56 

Dr. 

Cr. 

$42 

6 

4 

30 

6 

00 
25 
50 

00 

60 

51 

•38 

00 
35 

89 

35 

89 

35 

(2) 


WILLIAM    PURVIANCE 


Dr. 


Cr. 


1839 

Jan. 

23 

To  2  bbls.  Family  Flour,  at  $8,    -     - 

ftl6 

00 

u 

(( 

"  16  lbs.  Brown  Sugar,  at  9  cts.      - 

1 

44 

(C 

24 

"  18  lbs.  Lump      do.      at  18  cts.    - 

3 

24 

u 

(( 

"  4  lbs.  Alspice,  at  25  cts.     -     -     - 

1 

00 

u 

26 

By  sundry  articles  of  Merchandise,    - 
"  balance  to  new  account,     -     -    - 

To  balance  brought  down,       -     -     - 

17 

4 

50 
18 

21 

68 

21 

68 

1839 

4 

18 

Jan. 

29 

"  6  reams  Writing  Paper,  at  $2.25, 

13 

50 

Feb. 

4 

''  sundry  items  in  his  account   not 
before  charged,      -     -     -     - 

14 

12 

u 

5 

By  cash  on  account,       -     -     -     -     - 

22 

00 

(.(. 

7 

"  balance  brought  down,  -    -    -    - 

9 

80 

31 

80 

31 

80 

1839 

Feb. 

13 

To  balance, 

9 

80 

(C 

15 

"  7  kegs  Butter,  82  lbs.  at  16  cts.    - 

13 

12 

u 

18 

"  80  lbs.  N.  0.  Sugar,  at  12  cts.     - 

9 

60 

(C 

19 

"  20  gals.  Molasses,  at  13  cts.     -     - 

2 

60 

u 

21 

By  cash  in  full, 

35 

12 

35 

12 

35 

12 

29 

(3) 


JOSEPH    CROOK, 


Dr. 


Cr. 


16 
18 

21 


21 

22 
u 

(C 

23 


23 

(( 

19 
25 
26 


26 

28 


To  and  By  amount  from  page  1, 
"  60  lbs.  Tobacco,  at  14  cts. 
"  48   "    Sugar,  at  10  cts.      - 
"  18   "    Candles,  at  15  cts.  - 

By  cash, 

"  merchandise,  as  per  bill,     - 

To  balance, 


By  balance  brought  down,  -     -     - 

To  6  lbs.  Mustard,  at  44  cts.   -     - 

"  12  lbs.  Raisins,  at  11  cts.   -     - 

"  2  bbls.  Family  Flour,  at  $8,    - 

"  5  gals.  Madeira  Wine,  at  |1.25, 

By  balance  carried  down,  -     -     - 


To  balance  of  account  brought  down, 
"12  gals.  Molasses,  at  45  cts.  -  - 
"  2  reams.  Wrapping  Paper,  at  1.60, 
"  19  lbs.  St.  Dom.  Coffee,  at  13  cts. 
"  3  lbs.  Ground  Pepper,  at  48,  -     - 

By  cash, 

"  balance, 


To  balance  brought  down, 
"  2  lbs.  Nutmegs,  at$l, 


Note. — The  preceding  account  exhibits  bal- 
ances in  my  favor,  and  a  balance  against  me. 
This  is  done  in  order  to  show  how  a  similar  one 
may  be  kept. 


30 


128 
8 
4 


16 


160 


2 

1 

16 

6 


26 


21 


$9 


25 
40 
80 
70 


73 


88 


52 


60 

48 


160 


56 


00 
32 


88 


64 
32 
00 
25 


21 


48 
40 
20 
47 
44 


99 


99 
00 


99 


16 


73 


48 


26 


21 


14 

7 

21 


00 
99 

99 


(4) 


HENRY    WEBB, 


Dr. 


Cr. 


4 

a 

6 

7 

9 

(( 

11 

12 

a 

13 
15 
18 
19 

25 

u 

26 

27 

a 

(C 

28 

a 

C( 

cc 
cc 


To 

cc 
cc 
cc 
cc 
cc 

By 

To 

CC 
CC 

cc 

By 

To 

CC 
CC 

cc 
cc 
cc 

By 

To 

C( 
CC 
CC 
CC 

By 


56  lbs.  Bacon,  at  13  cts.  -  -  • 
19  lbs.  Lard,  at  14  els.  -  -  -  ■ 
28  lbs.  Brown  Sugar,  at  10  cts.  ■ 
16  lbs.  Lump  do.  at  15  cts.  ■ 
8  lbs.  Candles,  at  14  cts.  -  -  - 
3  gals.  Molasses,  at  51  cts.  -  ■ 
cash  on  account,  -  -  -  -  . 
15  lbs.  Pork,  at  11  cts.  -  -  • 
62  lbs.  Codfish,  at  6  cts.  -  -  • 
16  lbs.  Soap,  at  9  cts.    -     -    -     • 

3  bbls.  Flour,  at  $8.50,  -  -  • 
sundry  articles  per  bill,       -    -     - 

cash  lent, 

1  box  Havana  Cigars,  -  -  -  • 
30  lbs.  Butter,  at  31 J  cts.  -     -    - 

4  gals.  Molasses,  at  50  cts.  -  • 
18  lbs.  Starch,  at  12|  cts.  -  -  • 
4  lbs.  Ground  Pepper,  at  52  cts.  • 

cash  on  account, 

1  keg  Butter,  net,  28  lbs.  at  30,  - 
1  keg  Raisins,  net,  19  lbs.  at  12,  - 
1  quire  Writing  Paper,  -  -  - 
200  Russia  Quills,  at  65  cts.   -     • 

1  bottle  Black  Ink, 

note  at  30  days,  in  full  to  this  date, 


2 
2 
2 
1 

1 

1 

3 

1 

25 

5 

20 
9 
2 

2 
2 

8 


103 


28 
66 
80 
40 
12 
5S 

65 

72 
44 
50 

00 
00 
38 
00 
25 
08 

40 

28 
50 
30 

38 


67 


SI 


12 

22 

10 

58 

50 
63 

00 
54 

103 

67 

END   OF   PETTY   LEDGER, 


PART   II. 


BOOK-KEEPING  BY  DOUBLE  ENTRY. 


Book-keeping  by  double  entry  is  founded  on  very  general 
principles,  and  is  the  most  certain  and  satisfactory  in  its  conclu- 
sions. By  ibis  method,  for  every  sum  entered  on  the  Dr.  side 
of  any  account,  the  same  sum  must  be  carried  to  the  Cr.  side  of 
other  accounts ;  and  it  follows  from  this,  that  an  error  cannot 
easily  pass  unnoticed,  because  the  sums  of  the  Dr.  and  Cr.  sides 
must  be  equal.  The  Ledger,  'when  correctly  kept,  shows,  in  a 
plain  and  concise  point  of  view,  not  only  the  debts  due  to,  or  by 
the  Merchant^  but  the  amount  of  Cash  and  Bills,  the  amount  of 
the  purchases  and  sales,  the  value  of  the  quantity  on  hand,  and 
the  gain  or  loss  on  each  article,  or  on  the  whole.  This  method 
of  Book-keeping  is  therefore  best  adapted  to  extensive  business. 

A  Merchant's  Books  should  contain  : 

First. — The  debts  owing  to  him,  and  those  which  he  owes 
to  others. 

Secondly. — The  Merchandise,  and  other  property  belonging 
to  him  at  the  commencement  of  the  Books ;  the  amount  sold  or 
otherwise  disposed  of;  and  the  quantity  and  value  still  on  hand. 

Thirdly. ^-His  Capital  at  commencement ;  the  profits  he  has 
acquired,  or  made,  or  the  losses  sustained,  and  the  amount  of 
his  stock,  at  present. 

E  33 


THE    PRINCIPAL   BOOKS 


The  Principal  Books  used  in  Mercantile  business  are : 

1.  THE  DAY  BOOK. 

2.  THE  JOURNAL. 

3.  THE  LEDGER. 

The  AUXILIARY  or  subsidiary  BOOKS  are : 


1.  The  Cash  Book. 

2.  Bill  Book. 

3.  Invoice  Book. 

4.  Sales  Book. 

5.  The  Book  of  Accts.  Current. 


6.  Copy  Book  of  Letters. 

7.  Book  of  Ships'  Accounts. 

8.  Check,  or  Bank  Book. 

9.  Memorandum  Book. 
10.  Book  of  Commissions. 


Of  the  auxiliary  or  helping  Books,  some  Merchants  use  more, 
some  less  than  these,  according  to  the  peculiar  nature  of  their 
business. 


THE    DAY    BOOK. 

The  Day  Book  contains  an  exact  statement  of  the  Merchant's 
transactions  as  they  occur ;  it  begins  with  an  inventory  of  all  the 
Cash,  Merchandise  and  property  of  every  kind,  of  the  debts  due 
to  him,  and  of  the  debts  he  owes  to  others.  It  is  carried  on  with 
a  correct  narration  of  all  the  money  received  and  paid  by  him, 
of  all  the  goods  or  wares  he  buys  or  sells.  The  date  of  the  Day 
Book  is  written  at  the  top  of  the  page,  together  with  the  name 
of  the  place,  where  the  business  is  carried  on.  The  articles  are 
separated  from  each  other  by  a  line,  in  the  middle  of  which  is 
left  a  space  for  the  day  of  the  month,  and  sometimes  the  month. 
In  short,  the  Day  Book  records  every  transaction  in  business, 
which  produces  any  alteration  in  the  state  of  the  Merchant's 
affairs.  The  Day  Book  should  be  written  in  a  plain  and  simple 
style  suited  to  the  nature  of  a  narrative. — Let  it  be  simple,  plain, 

34 


THE   JOURNAL. 

and  perspicuous.  But  do  not  let  this  simplicity  of  style  exclude 
the  use  of  terms  and  forms  of  expressions  peculiar  to  the  Mer- 
cantile community. 

In  all  accounts  appertaining  to  business,  when  written  by  a 
person  of  skill  and  experience,  there  is  a  concise  emphatic  dic- 
tion, a  certain  peculiarity  of  words  and  phrases,  which  is  a  kind 
of  elegance  that  runs  throughout  the  whole,  and,  at  the  same 
time,  shows  the  tact  and  talent  of  the  accountant.  There  are 
some  Merchants  who  enter  their  transactions  in  a  blotter,  and 
afterwards  when  the  hurry  of  business  is  over,  carefully  copy 
it  into  the  Day  Book ;  by  this  means,  they  keep  it  neat  and  ac- 
curate ;  others,  again,  keep  their  day  book  in  Journal  form. 

In  every  transaction  in  the  Day  Book,  you  must  bear  in  mind 
the  following  particulars : — 

1.  The  date,  say  January  4,  1839. 

2.  The  transaction,  the  article  purchased,  or  sold,  being  en- 
tered according  to  agreement 

3.  The  person.  Bought  of  A.  or  sold  to  B.  1  pipe  of  wine. 

4.  The  payment  made  or  received,  say  $250  paid,  or  $250 
received. 

5.  The  quantity  and  quality  of  the  Merchandise  Bought  or 
Sold. 

6.  The  price.  Bought  1  pipe  of  wine  for  $350,  or  Sold 
1  pipe  of  wine  for  $250. 


THE   JOURNAL. 

The  Journal  contains  the  entire  transactions  recorded  in  the 
Day  Book,  with  the  Drs.  and  Crs.  pointed  out,  that  they  may 
be  easily  posted  into  the  Ledger.  One  great  design  of  the  Jour- 
nal is,  to  prevent  errors  in  the  Ledger ;  a  thing  of  paramount 
importance  in  Book-keeping.     The  Journal  is  a  middle  book 

35 


OF   THE    LEDGER,    AND    AN 

between  the  Day  Book  and  the  Ledger,  it  looks  back  to  the  one 
and  forward  to  the  other.  The  rules  for  distinguishing  Dr.  and 
Cr.  are  inferred  from  the  nature  of  the  accounts  in  the  Ledger. 
When  any  entry  is  to  be  made  in  the  Journal,  we  must  consider 
to  which  accounts  in  the  Ledger,  it  is  proper  to  be  placed,  both 
on  the  Dr.  and  Cr.  sides.  As  the  whole  art  of  journalizing  con- 
sists in  a  proper  selection  of  Drs.  and  Crs.,  which  is  considered 
the  most  difficult  part  of  Book-keeping,  it  is  essentially  neces- 
sary to  be  more  particular  in  the  rules,  examples  and  notes,  and 
that  these  may  be  easily  resorted  to,  they  are  embodied  in  the 
Lectures,  in  another  part  of  this  work,  after  the  manner  of  ques- 
tion and  answer. 


THE    LEDGER. 


OP  THE  LEDGER,  AND  AN  EXPLANATION  OF  THE  ACCOUNTS. 

The  Ledger  collects  together  articles  of  the  same  kind,  under 
their  respective  heads ;  and  for  this  purpose  it  is  divided  into 
several  accounts,  the  Dr.  and  Cr.  of  each  being  opposite.  The 
accounts  in  the  Ledger,  when  the  books  are  kept  by  double  entry, 
may  be  distinguished  into  three  kinds,  answering  to  the  three 
objects  which  a  Merchant's  books  should  exhibit,  real,  personal 
and  imaginary  accounts,  as  previously  noticed. 

Real  Accounts, — which  are  accounts  of  any  kind  of  property, 
such  as  Cash,  Merchandise,  Ships,  Houses,  Lands,  or  the  like. 

Cash, — contains  on  the  Dr.  side,  the  sums  of  money  received 
and  on  the  Cr.  side,  the  money  paid.  When  the  Dr.  side  exceeds 
the  Cr.  side,  it  is  closed  By  balance  for  the  difference.  The  Cr. 
cannot  exceed  the  Dr.  side,  as  you  cannot  pay  more  money 
away  than  you  receive. 

36 


EXPLANATION    OF   THE    ACCOUNTS. 

If  the  ready  money  found  in  hand,  does  not  agree  with  the 
remainder,  or  balance  of  the  account,  some  mistake  has  been 
made,  which,  if  considerable,  must  be  looked  for  and  corrected, 
if  found  ;  if  it  be  inconsiderable,  or  cannot  be  found,  debit  the 
account  To  Profit  and  Loss,  for  what  you  have  more  than  the 
balance  of  the  account  shows,  or  credit  the  account  By  Profit 
and  Loss  for  the  deficiency,  and  then  close  the  account  by  bal- 
ance for  what  you  find  in  cash. 

Merchandise. — The  Dr.  side  exhibits  the  cost  and  charges 
attending  it.  The  Cr.  side,  the  sales  made,  if  any.  If  none 
be  sold,  Cr.  the  account  By  balance  for  the  amount  of  the  Dr. 
side.  When  part  is  sold,  the  account  is  closed  By  balance,  and 
then,  To  or  By  Profit  and  Loss,  for  the  gain  or  loss  made  by 
the  part  sold.  If  all  be  sold,  close  the  account  To  or  By  Profit 
and  Loss  for  the  gain  or  loss,  made  by  the  sales. 

Ship. — The  Dr.  side  shows  the  cost  and  charges  attending 
her ;  the  Cr.  side  shows  what  she  brings  in  by  freight  or  sale. 
If  the  ship  be  not  sold,  Cr.  the  account  by  balance  for  her  pre- 
sent value,  or  the  part  or  share  you  own  of  her.  If  the  vessel 
be  sold,  the  account  is  closed,  either  To  or  By  Profit  and  Loss. 
In  general,  accounts  of  property  contain,  on  the  Dr.  side  the  *X^ 
value  of  the  property,  and  all  expenses  laid  out  on  it ;  on  the 
Cr.  side  the  sales,  or  advantages  arising  from  it,  such  as 
freight,  &c. 

House. — It  is  closed  By  balance  for  the  cost,  and  To  Profit 
and  Loss  for  the  sum  gained  by  rent;  or  By  balance  for  the 
cost,  and  By  Profit  and  Loss  for  the  money  laid  out  in  repairs,  &c. 

Land. — This  account  can  be  closed,  By  balance  for  its  real 
value,  and  By  Profit  and  Loss,  if  the  expenses  exceed  the  re- 
turns by  rents,  &c. ;  it  can  be  closed,  To  Profit  and  Loss  for  the 
gain,  when  sold  for  more  than  the  original  cost.  And  By  Profit 
and  Loss,  when  sold  for  a  sum  less  than  the  first  cost. 

Bills  Receivable, — contains  on  the  Dr.  side,  all  the  bills 
received  for  debts  due ;  and  on  the  Cr.  side  those  of  which  we 

37 


OF    THE    LEDGER,    AND   AN 

receive  payment  or  which  we  otherwise  dispose  of.  The  bal- 
ance is  the  sum  owing  in  bills  on  hand.  If  the  notes  be  all  dis- 
posed of,  or  passed  away,  the  account  will  close  of  itself. 

Bills  Payable, — contains  on  the  Cr.  side  the  bills  passed  and 
accepted ;  and  on  the  Dr.  side  those  we  have  taken  up,  or  paid. 
The  balance  is  the  sum  we  owe  in  bills  not  taken  up. 

Shipment. — The  Dr.  side  shows  the  cost  and  charges  of  the 
goods  shipped,  the  Cr.  side  shows  the  net  proceeds  of  the  same 
when  the  account  sales  is  come  to  hand.  If  the  account  sales  is 
not  yet  come  to  hand,  the  account  is  credited  By  balance,  for  the 
amount  of  the  Dr.  side.  If  the  net  proceeds  are  already  en- 
tered, the  account  is  closed  either  To  or  By  Profit  and  Loss,  for 
the  gain  or  loss.  If  you  receive  an  account  sales  of  a  part  only, 
credit  the  account  By  balance  for  the  part  remaining  unsold, 
valuing  it  at  the  rate  it  stood  you  in;  afterwards  close  the  account 
To  or  By  Profit  and  Loss,  for  the  gain  or  loss  made  on  the  part 
sold. 

Such  a  person's  consignment, — contains  on  the  Dr.  side  all 
charges  paid  on  receiving,  or  attending  such  consignment  while 
in  your  possession ;  and  on  the  Cr.  side,  the  sales  effected. 

Merchandise  in  Co. — contains  on  the  Dr.  side  your  propor- 
tionate part  of  the  first  cost,  and  the  charges  attending  the 
goods ;  and  on  the  Cr.  side  the  gross  sales. 

Adventure  in  Co.— The  Dr.  side  of  this  account  shows  the 
cost  of  the  merchandise  you  have  in  company  with,  and  under 
the  direction  of  your  partner.  The  Cr.  side  the  net  proceeds 
when  the  account  sales  is  received.  It  is  of  the  same  nature  as 
shipment  to  such  a  place, — or  merchandise  account,  and  is  closed 
in  the  same  way. 

Debenture, — contains  on  the  Dr.  side  the  bounties  or  draw- 
backs due  to  you  on  the  exportation  of  certain  foreign  goods ;  and 
on  the  Cr.  side  what  you  have  received  in  payment.  Custom- 
house debentures  entitle  the  bearer  to  receive  a  drawback  on 
the  exportation  of  certain  goods,  which  were  before  imported. 

38 


EXPLANATION    OF   THE    ACCOUNTS. 

Personal  accounts. — The  Dr.  side  of  any  person's  account 
shows  what  he  is  indebted  to  you ;  the  Cr.  side  what  you  are 
indebted  to  him.  The  account  is  closed  By  balance,  if  he  be 
indebted  to  you ;  and  To  balance  if  you  are  indebted  to  him. 
If  the  Dr.  and  Cr.  sides  should  be  alike,  the  account  will  close 
of  itself. 

Imaginary  accounts  are  Stock  and  Profit  and  Loss.  -"^ 

Stock, — is  used  instead  of  the  name  of  the  merchant,  or  '^ 
owner  of  the  books ;  on  the  Dr.  side  is  entered  the  amount  of  his 
debts  at  commencement,  and  on  the  Cr.  side  the  amount  of  cash, 
debts  and  other  property  then  belonging  to  him.  The  differ- 
ence, therefore,  shows  his  net  stock,  or  capital ;  or  in  the  event 
of  bankruptcy,  how  much  his  debts  exceed  what  he  is  worth. 
It  is  closed  To  Profit  and  Loss,  for  his  loss  when  the  Dr.  side  of 
the  Profit  and  Loss  account  exceeds  the  Cr.  side,  then  Profit  and 
Loss  account  is  closed  By  stock  for  his  loss,  and  that  difference 
is  carried  to  the  Dr.  side  of  stock  account.  By  profit  and  Loss 
for  his  gain  on  business,  when  the  Cr.  side  of  Profit  and  Loss 
account  exceeds  the  Dr.  then  Profit  and  Loss  account  is  closed 
To  stock  for  the  gain,  and  that  gain  is  carried  to  the  Cr.  side 
of  stock  account. 

When  the  Dr.  side  of  balance  account  exceeds  the  Cr.  side  it  is 
closed  by  stock  for  his  net  capital,  and  that  difference  is  placed 
on  the  Dr.  side  of  stock ;  when  the  Cr.  side  of  balance  exceeds 
the  Dr.  then  balance  account  is  closed  to  stock  for  his  insol- 
vency, which  difference  is  carried  to  the  Cr.  side  of  stock. 

Profit  and  Loss. — The  Dr.  side  of  this  account  shows  the 
articles  on  which  you  have  lost,  and  on  the  Cr.  side,  the  articles 
on  which  you  have  gained,  whether  posted  from  the  journal,  or 
collected  from  the  closing  of  the  accounts  in  the  Ledger;  and  the 
difference  of  the  account  will  exhibit  the  net  gain  or  Joss  made 
since  the  books  were  opened,  and  is  closed  either  To  or  By  stock. 
To  abridge  the  Profit  and  Loss  account,  it  has  been  found  neces- 
sary to  open  several  auxiliary  accounts,  such  as  the  following : 

39 


OF   THE    LEDGER,    &C. 

Charges. — On  the  Dr.  side  are  entered  all  expenses  paid  or 
incurred  on  the  business,  which  do  not  belong  to  any  particular 
account;  on  the  Cr.  side  usually  the  sums  charged  your  employ- 
ers for  ware-house  rent,  postages,  or  the  like.  For  conve- 
nience, sometimes  this  account  is  first  debited  with  the  charges 
on  shipments,  and  then  credited  for  the  same. 

House  Expenses. — The  Dr.  side  of  this  account  shows  the 
sums  of  money,  or  the  value  of  any  thing  taken  for  private  use. 
There  is  seldom  any  thing  entered  on  the  Cr.  side ;  but  there  may 
be  part  of  a  sum  which  was  withdrawn,  and  not  at  all  expended, 
at  the  time  of  closing  the  books. 

The  Dr.  side  of  house  expenses  contains  all  money  paid  for 
family  expenses,  such  as  wearing  apparel,  butchers'  bills,  &c. 
servants'  wages  and  contingent  expenses,  all  money  paid  for  the 
purchase  of  horses,  carriages,  &c.  This  is  entered  in  the  Petty 
Cash  Book  and  from  thence  carried  to  the  Cash  Book. 

Interest. — The  Dr.  side  shows  all  sums  paid  or  incurred,  for 
interest,  or  discount  on  bills,  or  accounts  in  receiving  a  settle- 
ment ;  the  Cr.  side  the  sums  for  interest,  or  discount  allowed. 

Commission. — On  the  Cr.  side  are  sums  you  receive  as  an  al- 
lowance for  the  trouble  of  transacting  business  for  others.  It  is 
not  usual  to  have  entries  on  the  Dr.  side ;  and  if  there  be  any,  it 
must  be  commission  which  is  due  to  others ;  for  instance,  persons 
on  whom  we  may  draw  bills,  charge  commission. 

Insurance. — On  the  Cr.  side  are  entered  the  premiums  we  re- 
ceive for  effecting  insurance  for  others  ;  on  the  Dr.  side  the  losses 
sustained  on  the  same.  The  balance  shows  the  gain  or  loss  from 
being  concerned  in  insurance.  Frequently  this  account  is  made 
Dr.  for  the  sums  insured  with  others,  and  Cr.  when  these  sums 
are  charged  to  the  respective  accounts  on  which  they  are  due. 

Exchange  Account, — contains  on  the  Dr.  side  the  loss  in- 
curred by  exchange,  in  the  purchase  or  sale  of  Bills ;  and  on  the 
Cr.  side  the  gain.  This  account  is  closed  To  or  By  Profit  and 
Loss,  for  the  gain  or  loss  made  by  the  rise  or  fall  of  Exchange. 

40 


OF  POSTING  AND  BALANCING. 


The  Posting  of  the  Ledger,  is  the  transferring  of  the  accounts 
from  the  Journal  entries  into  the  Ledger.  The  first  course  to  be 
pursued  is  to  allot  a  space  for  each  account.  The  space  for  every 
account  cannot  be  exactly  known,  but  must  be  supposed  from 
the  number  of  the  transactions  which  are  likely  to  follow.  The 
accounts  may  be  opened  as  they  occur  in  the  journal ;  or  ac- 
counts of  the  same  class  or  kind  may  be  placed  together.  This 
last  arrangement  is  more  expedient  in  extensive  and  complicated 
business;  where  it  is  often  necessary  to  look  into  several  of 
these  accounts  at  the  same  time. 

Next  an  index,  in  alphabetical  order,  will  be  necessary  for 
ascertaining  the  folios  of  the  Ledger  where  the  accounts  are 
opened.  The  heads  or  titles  of  the  accounts  are  entered  in  the 
index ;  (which  is  generally  kept  in  a  separate  Book,  in  actual  busi- 
ness^) that  is  Personal  accounts  by  the  first  letter  of  the  surname, 
companies  by  the  surname  of  the  person  who  stands  first  in  the 
firm,  and  every  other  account  by  the  first  letter  of  the  first  word. 

In  Posting  the  Ledger,  proceed  in  the  subsequent  manner : 

First,  turn,  by  the  help  of  the  index,  to  the  account  that  is 
Dr.  in  the  journal  post,  where  it  is  opened  in  the  Ledger,  then, 
on  the  Dr.  side  of  the  account  write  the  date  on  the  margin,  and 
on  the  same  line  say,  to  the  account  that  is  Cr.  annexing  a  short 
narration,  if  found  necessary;  next  insert  in  the  reference 
column,  the  page  of  the  journal  from  which  you  are  Posting,  and 
the  sum  in  the  money  column;  then  turn  to  the  account  that  is 
Cr.  in  the  journal  post,  and  on  the  Cr.  side  say.  By  the  account 
that  is  Dr.  inserting  the  date,  reference,  and  sum  as  before :  this 

F  41 


OF    POSTING    AND   BALANCING. 

being  done,  turn  to  the  journal,  and  mark  on  the  margin,  or  in 
a  column  allotted  for  that  purpose,  the  folio  of  the  Ledger  where 
the  entry  is  posted. 

In  complex  Posts,  that  is,  where  there  are  several  Drs.  or  Crs. 
turn  to  each  in  their  order,  and  enter  the  articles  according  to 
the  preceding  directions. 

When  the  space  allotted  for  any  account  in  the  Ledger  is  filled 
up,  the  account  must  be  transferred  or  carried  to  another  folio ; 
for  this  purpose  write  on  both  sides  of  the  account  opposite 
where  the  sums  will  be  placed,  when  the  account  is  added  or 

footed,  transferred  to  folio ,  and  insert  the  folio  where  the 

account  is  opened  anew.  Then  after  writing  the  title  of  the  new 
account,  and  entering  the  new  folio  in  the  index,  write  on  the 

Dr.  side  to  amount  brought  from  folio ,  and  on  the  Cr.  side 

by  amount  brought  from  folio ,  inserting  on  each  side,  the 

folios  where  the  account  was  first  opened.  The  sums  of  an  ac- 
count transferred  should  be  left  blank  till  the  books  are  com- 
pared ;  an  error  in  any  of  the  entries  will  occasion  an  alteration 
in  the  sum.  When  either  side  of  an  account  is  full,  both  sides 
should  be  transferred  and  a  diagonal  line  drawn,  to  fill  up  the 
vacant  space  on  the  side  which  requires  it. 

Having  Posted  into  the  Ledger  all  the  articles  in  the  journal, 
before  you  close  the  accounts,  it  is  proper  to  make  a  trial  Bal- 
ance, in  order  to  try  if  the  Dr.  and  Cr.  sides  correspond.  For 
this  purpose  prepare  two  sheets  of  paper,  ruled  with  two  money 
columns,  for  Dr.  and  Cr. ;  write  Profit  and  Loss  as  the  title  of  the 
one  sheet,  and  Balance  as  the  title  of  the  other ;  then  leaving 
stock,  and  Profit  and  Loss  open  till  the  last ;  take  the  balance, 
or  difference  of  every  account  in  the  following  manner : 

In  the  Cash  Account  enter  the  difference,  which  is  the  cash 
on  hand  on  the  Dr.  side  of  the  Balance  sheet. 

In  Personal  Accounts, — if  the  Dr.  be  greater,  enter  the 
difference  on  the  Dr.  side  of  the  balance  sheet;  but,  if  the  Cr.  be 
greater,  enter  the  difference  on  the  Cr.  side. 


OF   POSTING  AND    BALANCING. 

In  Bills  Receivable, — enter  the  difFerence  which  is  the 
bills  on  hand,  on  the  Dr.  side  of  the  balance  sheet. 

In  Bills  Payable, — enter  the  diiference,  which  is  the  sum 
owing  in  bills  not  taken  up  or  received  on  the  Cr.  side  of  the 
balance  sheet. 

In  goods,  or  other  property,  if  the  whole  be  on  hand,  enter  the 
amount  on  the  Dr.  side  of  the  balance  sheet.  If  all  be  sold,  and 
the  Cr.  side  of  the  account  be  greater,  enter  the  difFerence,  which 
is  the  gain,  to  the  Cr.  side  of  the  Profit  and  Loss  sheet ;  but,  if  the 
Dr.  side  be  greater,  the  difference  is  the  loss,  and  is  entered  on 
the  Dr.  side.  If  part  be  on  hand,  enter  the  value  of  it,  (estimated 
at  prime  cost,  or  at  the  current  prices,)  to  the  Dr.  side  of  the  bal- 
ance sheet,  and  then  ascertain  the  gain  or  loss  on  the  part  sold, 
which  enter  on  the  proper  side  of  the  Profit  and  Loss  sheet.  In 
accounts  of  adventures,  when  no  returns  have  been  made,  enter 
the  amount  which  is  on  the  Dr.,  on  the  Dr.  side  of  the  balance 
sheet.  If  returns  are  made,  and  the  account  credited  for  the  pro- 
ceeds of  the  sales,  enter  the  gain  or  loss  on  the  Cr.  or  Dr.  side 
of  the  Profit  and  Loss  sheet  accordingly.  In  accounts  subsidi- 
ary to  Profit  and  Loss ;  suph  as  charges.  House  Expenses,  In- 
terest, Commission,  Insurance,  &c.  enter  the  difFerence  on  the 
proper  side  of  the  Profit  and  Loss  sheet. 

When  you  have  collected  all  the  balances,  add  the  Profit  and 
Loss  sheet,  including  the  sums  which  stand  at  that  account  in 
the  Ledger,  the  difFerence  is  the  net  gain  or  loss :  to  this  add 
the  difl'erence  of  the  Stock  account,  and  the  sum  exhibits  your  net 
stock  or  capital,  and  which  will  correspond  with  the  difFerence 
of  the  balance  sheet,  if  the  books  be  correctly  posted,  and  the 
balances  exactly  collected.     The  reason  of  this  appears  from 

what  follows : — 

* 

The  balance  account  contains  on  the  Dr.  side  the  cash  on 
hand,  the  value  of  the  Merchandise,  or  other  property,  which 
belongs  to  you,  and  all  debts  due  to  you.  The  Cr.  contains  the 
sums  you  owe  in  open  accounts  and  in  bills  against  you.     The 

43 


OP   POSTING   AND   BALANCING. 

difference  of  balance,  therefore,  exhibits  your  net  capital,  at 
present. 

The  stock  account  contained  your  effects  and  debts  at  the 
commencement  of  the  books ;  therefore,  the  difference  shows 
your  net  capital  at  the  time ;  and  when  your  profits  are  added, 
or  losses  subtracted  from  this  sum,  it  will,  also,  show  your  net 
stock  or  capital.  Hence  the  proof  of  Book-keeping  by  Double 
Entnj^  consists  of  two  methods  of  ascertaining  what  your  net 
stock  is :  the  one  from  a  view  of  your  present  effects  and  debts ; 
the  other,  from  your  former  stock,  allowance  being  made  for 
3^our  profits  and  losses :  and  both  will  correspond,  if  the  books  be 
correct.  In  order  to  close  the  several  accounts,  transfer  the  sum 
or  difference  of  each  account  to  its  proper  place  in  the  Ledger. 

It  is  not  essential  to  begin  new  books  after  balancing,  nor  to 
open  the  accounts  anew,  unless  the  present  folios  are  filled  up, 
the  balances  may  be  brought  down,  and  the  accounts  continued 
in  the  same  folios ;  but  it  is  best  to  begin  a  new  Ledger,  if  the 
present  one  appear  to  be  insufficient  to  contain  the  business  till 
another  balance.  The  articles  composing  the  balance  sheet, 
form  materials  to  begin  the  new  books. 


44 


DAY-BOOK  AND  JOURNAL 


A. 


18  3  9 


(») 

Baltimore,  1839. 

Jan. 

1 

Deposited  in  the  Bank  of  Baltimore,    -     - 
Bills  receivable — for  the  following  bills  in 

hand,  viz: 
Luke  Tiernan's,  due  4th  inst.           $2,000 
Alex.  Brown  &  Sons',  due  18th  inst.    1 ,500 

$6,000 
3,500 

5,080 

00 
00 

00 

Canary  Wine,  for  1,008  gals,  per 

inventory,        .        -        -        -    1,638 

Hops,  for  10  bags,  net,  3,150  lbs. 

per  inventory,           -         -         -       567 

Flour,  for  500  ibis,  superfine,  per 

inventory,        .        -        .        -   2,875 

2 

• 

4 
6 

8 

Samuel  G.  Hyde  owes  me,  -         -       650 
William  Stewart    "       "     -        -    1,200 

1,850 
2,000 

500 

1,000 

1 

150 

2,000 

472 
i         472 

00 
00 

00 
00 

00 
00 
50 
50 

I  owe  as  follows,  viz : 

To  William  Lorman,      -        -        -        - 

Bills  payable — for  the  following  accepted 

by  me,  and  unpaid,  viz  : 
Fielding  Lucas,  Jr.  due  30th  inst.       $200 
Walter  Crook,  due  6th  proximo,          300 

Sold  for  cash,  500  gals.  Canary  Wine,  at 
$2  per  gallon, 

Bought  of  Thomas  Bell,  on  my  note,  at 
90  days,  200  yards  Irish  Linen  at  75 
cents  per  yard, 

Received  payment  of  Luke  Tiernan's  bill, 
due  this  day, 

Sold  to  Shaw  &  Tiffany  on  Book  account, 
5  bags  Hops,  1,575  lbs.  at  30  cts.  per  lb. 

Received  of  Shaw  &  Tiffany,  cash  in  full 
of  their  account,          .        -        -        - 
46 

Baltimore,  1839. 


Drs. 


Crs.        (I) 


Sundries  to  Stock,    -        -        - 
For  the  amount  of  my  effects,  both 

real  and  personal : 
Cash  for,  -         _         _         - 

Bills  receivable  for  amount  of  bills 

in  hand,        -         -         -         - 
Merchandise  for,      -         -        - 


Samuel  G.  Hyde, 
William  Stewart, 


Stock  to  sundries,     -        -        - 
To  William  Lorman,  due  to  him, 
"   Bills  payable,  for  the  follow- 
ing notes  unpaid,  viz  : 
Fielding  Lucas,  Jr.,  due  30th 

inst.       -         -         -         $200 
W.  Crook,  due  6th  proximo,  300 


Cash,  to  Merchandise, 


Merchandise,  to  bills  payable,    - 


Cash,  to  bills  receivable,  - 


Shaw  &  Tiffany,  to  Merchandise 
sold  them  on  account,  &c. 


Cash,  to  Shaw  &  Tiffany, 


$6,000 

3,500 
5,080 


650 
1,200 


2,500 


1,000 


150 


2,000 


472 


472 


00 

00 
00 


00 
00 


00 


00 


00 


00 


50 


50 


$16,430 


00 


2,000 


506 


1,000 


150 


2,000 


472 


472 


00 


00 


00 


00 


00 


50 


50 


47 


(3) 


Baltimore,  January  Sth^  1839. 


Sold  to  Shaw  &  Tiffany,  200  yards  Irish  Linen, 
at  $1.25  per  yard,  for  which  received  from 
them  their  note,  at  30  days,  from  this  date. 


14 


Bought  of  Samuel  G.  Hyde,  10  boxes  Candles, 
net  250  lbs.  at  14  cts.  per  lb.,  for  which  I 
gave  him  an  order  on  Joseph  Gushing, 


16 


Thomas  Gough,  of  Albany,  has  drawn  on  me, 
at  90  days'  sight,  in  favor  of  William  Wirt, 
which  draft  I  have  accepted,      -        -         - 


18 


Received  of  Alexander  Brown  &  Sons,  cash  in 
full,  for  their  note  due  this  day,  -        -        - 


24 


Sold  to  William  Smith,  508  gals.  Canary  Wine, 
at  4  months,      ------ 


25 


Bought  of  Thomas  Murdock,  2,000  lbs.  Bacon, 
at  I2i  cts.  per  lb.,  and  gave  him  in  payment, 
a  note  which  I  hold  against  Shaw  &  Tiffany, 


30 


Paid  the  amount  of  my  note,  to  Fielding  Lucas, 
due  this  day, 


Bought  of  Wm.  Smith,  on  Book  account,  147 
lbs.  Rio  Coffee,  at  12  cts.  per  lb. 


Feb.  4 


Bought  of  William  Mills,  House  No.  42,  on 
South  Charles  st,  and  paid  him  in  cash, 
48 


$250 


00 


35 


00 


500 


1,500 


00 


00 


1,016 


00 


250 


200 


17 


1,600 


00 


00 


64 


00 


Baltimore,  January  Sth,  1839. 


Drs. 


Crs.        (2) 


Bills  receivable,  to  Merchandise, 
Sold  Shaw  &  Tiffany ,  on  their  note 
at  30  days. 


14 


Merchandise,  to  Joseph  Gushing, 
For  my  order  on  him,  favor  Sam'l 
G.  Hyde. 


16 


Thomas  Gough,  to  Bills  Payable, 

For  my  acceptance  of  his  draft,  at 

90  days  sight,  favor  Wna.  Wirt. 


18 


Cash,  to  Bills  receivable,    - 
Received  payment  of  A.  Brown  & 
Sons'  note. 

24 


William  Smith,  to  Merchandise, 
Sold  him  on  account,  at  4  months. 

25 


Merchandise,  to  Bills  Receivable, 
For  Shaw  &  Tiffany's  note  given 
Thomas  Murdock. 

30 


Bills  Payable,  to  Cash, 
For  my  note  to  Fielding  Lucas, 
taken  up  this  day. 


Merchandise,  to  William  Smith,  - 
Bought  of  him  on  account. 

Feb.  4 


Property  on  S.  Charles  st.  to  Cash, 
G  49 


$250 


00 


35 


500 


00 


00 


1,500 


1,016 


250 


200 


17 


1,600 


00 


00 


00 


00 


64 


CO 


$250 


00 


35 


00 


500 


00 


1,500 


00 


1,016 


250 


200 


17 


,600 


00 


00 


00 


64 


00 


(3) 


Baltimore,  February  5th,  1839. 


Paid  for  repairs  on  House  in  Charles  street, 
6     _ 


Taken  up  my  note,  passed  Walter  Crook,  due 
this  day,  ------- 


Paid  William  Preston,  my  clerk,  one  month's 
salary,  due  the  30th  ultimo,         .         -         - 

7     


Sold  Nathan  Rogers,  House  No.  42,  on  South 
Charles  street,  for  cash,     -         -         -         - 

11    


Lawrence  Lavvson  has  drawn  a  bill  of  exchange 
on  me  for  £250  stg.,  at  90  days'  sight,  favor 
William  H.  Tiernan,  and  I  accept  it,  - 

12    


Bought  of  William  H.  Tiernan,  the  ship.  Herald, 
for  $6,000,  and  paid  him  in  flour,  say  500  bbls. 
at  $8  per  barrel,        -         -         -        |4,000 

And  gave  him  my  note,  at  6  months  for 
the  balance,      -         -        -        - 


2,000 


13 


Bought  of  Edward  Chassaing,  for  cash,  1 5  hhds. 
of  Kentucky  Tobacco,  net  22,000  lbs.  at  8 
cts.  per  lb. 

16 


Bought  of  John  Lawson,  on  credit,  300  pieces 
printed  Calico,  containing  5,600  yds.  at  12  J 
cents,       -        - 

18   


Received  from  Samuel  G.  Hyde  in  full, 


Sold  to  Wm.  Mills  for  cash,  the  ship  Herald,  for 

21    


Sold  to  KeaJting  Ravvson,  for  cash,  73|  lbs.  Rio 
Coffee,  at  15  cents  per  lb. 
50 


300 


50 


2,000 


1,111 


00 


00 


00 


00 


11 


6,000 


1,760 

700 
650 


6,500 


11 


00 

00 

00 
00 
00 

02i 


Baltimore,  February  bth^  1839.  Drs. 


Crs.        (3) 


Property  on  Charles  st.  Dr.  to  cash 
6  


Bills  Payable  Dr.  to  Cash,  - 


William  Preston  Dr.  to  Cash, 


Cash  Dr.  to  Property  on  South 
Charles  street,       -         -         - 

11 


L.  Lavvson,  Dr.  to  Bills  Payable, 

For  my  acceptance  of  his  bill  on 

me,  favor  William  H.  Tiernan. 

12 


Ship  Herald  Dr.  to  Sundries, 
To   Merchandise,  for  500  bbls. 

Flour,  at  $8  per  bbl. 
To  bills  payable,  for  my  note,  for 

the  balance,  .         _         - 


13 


Merchandise  Dr.  to  Cash, 


16 


Merchandise  Dr.  to  John  Lavvson, 


18 


Cash  Dr.  to  Samuel  G.  Hyde,     - 


Cash  Dr.  to  Ship  Herald, 
21 


Cash  Dr.  to  Merchandise,   - 


51 


300 


50 


2,000 


1,111 


6,000 


1,760 


700 


650 


6,500 


11 


00 


00 


00 


00 


11 


00 


00 


00 


00 


00 


02^ 


300 


50 


2,000 


1,111 


00 
00 

00 
00 

11 


4,000 
2,000 

1,760 

700 

650 
6,500 


00 
00 

00 

00 

00 
00 
02i 


/ 


Ct) 


Baltimore,  February  2lst,  1839. 


Sold  on  credit  to  John  Lawson,  731  lbs.  Rio 
Coffee,  at  15  cts.  per  lb.     - 

^ 22 


Shipped  on  board  the  Jupiter,  White,  and  con- 
signed to  Lawrence  Lawson,  London,  to  be 
sold  for  my  account,  15  hhds.  Ky.  Tobacco, 
net  22,000  lbs.  at  8  cents  per  lb.         $1,760 

5,000  gals.  Rye  Whiskey,  at  50  cts.  per 
gallon,  bought  of  John  Cox,  on  book 
account,         -         -         -         -         -    2,500 

Paid  charges  at  shipping,   -         -         -        150 


27 


Received  from  John  Lawson,  in  full,  what  he 
owed  me  for  Coffee  sold  him,  the  21st  inst. 


Received  from  William  Stewart  in  full, 
March  1    


Received  by  the  Great  Western,  from  Lawrence 
Lawson,  London,  £2,000  worth  of  Merchan- 
dise, to  be  sold  on  his  account. 

Passed  my  bonds,  at  the  Custom  House,  at  6 
and  10  months  for  the  duties,        -      $1,000 

Paid  freight,  &c.  in  cash,         -         -  150 


Sold  to  William  Mills,  a  quantity  of  Lawson's 
consignment,  for 


Sold  to  Michael  Clancy  on  Book  account,  a  por- 
tion of  Lawson's  consignment,    -         -         - 


Sold    to  William  Baxley,  150  pieces  Calico, 
2,800  yards,  at  16  cents  per  yard. 

Received  from  him  his  note,  at  60  days 

for $348 

And  casb,  for  the  balance,  -         -         -        100 


12 


4,410 


11 


1,200 


1,150 


1,000 


1,100 


448 


Baltimore,  February  2\st^  1839. 


John  Lawson  Dr.  to  Merchandise,  $11.02-|, 
Sold  him  on  credit.  • 


22 


Shipment  to  London,  Dr.  to  Sundries,  $4,410, 

For  the  cost  and  charges  of  the  following  per 
the  Jupiter: — 

To  Merchandise,  for  15  hhds.  Kentucky- 
Tobacco,        -         -        -        -  $1,760 

To  John  Cox,  for  Whiskey,  bought  of 

him  on  account,       -         _         -         -   2,500 

To  cash  paid  charges  at  shipping,         -       150 


27 


Cash  Dr.  to  John  Lawson,  $11.02 J, 
Received  from  him  in  full  for  Coffee  sold  him. 


I     Cash  Dr.  to  William  Stewart,  $1,200, 


>  March  1 


L.  Lawson's  consignment  Dr.  to  sundries,  $1,1 50 
For  the  following  charges  paid  on  his  goods: — 
To  Bills  Payable,  for  bonds  passed  for 

duties, $1,000 

To  cash  paid  Freight,  &c.  -         -        150 


Cash,  Dr.  to  Lawson's  consignment,  $1,000 


M.  Clancy  Dr.  to  Lawson's  consignment,  $1,100 


Sundries  Dr.  to  Merchandise,  $448. 
Bills  Receivable,  for  Wm.  Baxley's  note 

at  60  days, $348 

Cash  for  the  balance,  -         -         -         -      100 


53 


$n 


4,410 


11 


1,200 


1,150 

1,000 

1,100 


448 


(4) 


(5) 


Baltimore,  March  Qth,  1839. 


Repaid  William  Mills,  for  defect  in  Lawson's 
goods,  formerly  sold  him,  -         -         -         - 


11 


Borrowed  from  John  Adams  $200  in  cash,  and 
gave  him  my  note  for  $212,  payable  in  twelve 
months,    ------- 


15 


Bought  of  Eli  R.  Plowman,  on  Book  account, 
120  pieces  Ger.  Oil  Cloth,  containing  2,880 
yards,  at  50  cents  per  yard,         _         -         - 

, 18 


Shipped  by  the  brig,  Louisa,  Dumont,  for  Ja- 
maica, and  consigned  to  John  Fox,  there,  to 
be  sold  for  account  Co.  1,  viz : 
120  pieces  German  Oil  Cloth,  2,880 

yds.  at  50  cents  per  yard,     -  $1,440  00 

2,000  lbs.  Bacon,  at  12i  cts.  per  lb.      250  00 
600  bbls.  Flour,  at  $6  per  bbl.  bought 

of  N.  Rogers,  on  my  note,  30  days,  3,600  00 
Paid  Shipping  expenses  in  cash,  -  60  00 
Commission  on  the  whole  at  2J  per 


cent. 


William  H.  Tiernan's 


133  75 


half  is. 
My  half  is, 


-  $2,741  87J 

-  2,741  87i 

21    


Sold  the  remainder  of  Lawson's  consignment, 
to  Wm.  Munroe,  on  Book  account,  for 

25 


Closed  Lawson's  consignment,  and  sent  him  an 

account  sales. 
(Charges  already  posted,  $1,150,) 
Charge  for  storage,  -         -        -     $30  00 

Commission  at  2^  per  ct.  on  the  sales,     240  00 
Lawrence  Lawson  for  the  net  proceeds  8,1 65  00 


54 


00 


212 


1,440 


00 


00 


5,483 


75 


7,500 


00 


8,435 


00 


Baltimore,  March  9th^  1839. 

(5) 

5 

L.  Lawson's  consignment  Dr.  to  Cash,  $15, 

$15 

GO 

1 

Repaid   for   defect  on   Lavvson's  goods,  sold 

3 

Wm.  Mills. 

11 

Sundries  Dr.  to  Bills  Payable,  $212, 

1 

Cash  for  the  money  received,     -         -      $200 

6 

Profit  and  Loss,  for  the  interest,          -           1 2 

212 

00 

6 

15 

1,440 

00 

Merchandise  Dr.  to  Eli  R.  Plowman,  $1,440 

18 

Sundries  Dr.  to  Sundries,  $5,483.75. 

For  amount  Invoice  per  brig,  Louisa,  consigned 

to  John  Fox. 

5 

Shipment  to  Jamaica,  in  Co.  1, 

for  my  half,           -         -         -      $2,741  874 

5 

William  H.  Tiernan  for  his  half,        2,741  87i 

2 

To  Merchandise,  viz : — 
For  120  ps.  Ger.  oil  cloth,  $1 ,440  00 
"   2,000  lbs.  bacon,      -       250  00 

3 

To  Bills  Payable  for  the 

amount  of  the  flour,     -    3,600  00 

1 

"  cash  paid  shipping  ex- 
penses,     -         -         -         60  00 

6 

"    Commission    on    the 
whole,  at  2i  per  cent.       133  75 

/                     ■"V 

5,483 

75 

6 
5 

9.1 

7,500 

00 

W.  Munroe  Dr.  to  Lawson'sconsignment,$7,500 

5 

^5  ^ 

Lawson's  consignment  Dr.  to  sundries,  $8,435. 

For  the  following  to  close  that  account. 

6 

To  Profit  and  Loss,  for  storage,    -        -       30 

6 

*'   Commission,  at  2^  per  ct.  on  the  sales,     240 

6 

"   L.  Lawson,  for  the  net  proceeds,      -  8,165 

8,435 

GO 

55 


(6) 


Baltimore,  March  SOth,  1839. 


Paid  William  Preston,  my  clerk,  two  months' 
salary,  due  this  day,  _         -         .         _ 


Paid  sundry  expenses  incurred  these  3  months, 
as  per  cash  book,       ----- 


$100 


150 


00 


00 


Previous  to  the  balancing  of  the  Ledger,  I  have 

this  day  taken  an  inventory  of  the  goods  in 

store,  and  have  on  hand : — 
5  bags  hops,  1 ,575  lbs.  at  1 8  cts.  per  lb.  $283  50 
150  pieces  printed  calico,  2,800  yards, 

at  12 1  cents  per  yard,  -         -         -    350  00 
10  boxes  candles,  250  lbs.  at  14  c€nts 

per  lb. 35  00 


$668  50 


56 


BALTiMoaE,  March  SOth,  1839. 


(6) 


William  Preston  Dr.  to  Cash,  $100, 

Paid  him  two  months'  salary,  due  this  day. 


Charges  Dr.  to  Cash,  $150,   - 

For  sundry  expenses  incurred  these  3  months. 


END  OF  JOURNAL  A. 


$100 


150 


00 


00 


H 


57 


LEDGER 

A. 


18  3  9 


INDEX   TO    LEDGER    A, 


DOUBLE   ENTRY 


B.  Fo. 

Bills  Receivable, 2 

Bills  Payable, 3 

Balance, 7 

C. 

Cash, 1 

Gushing,  Joseph, 1 

Clancy,  Michael, 6 

Commission, 6 

Cox,  John, 2 

Charges, 6 

G. 

Gough,  Thomas, 4 

H. 
Hyde,  S.  G 3 

L. 

Lorman,  William,      ....  3 
Lawson,  Lawrence,  ....  6 

Lawson,  John, 5 

Lawson's  Consignment, .     .     .5 


M.  Fo. 

Merchandise, 2 

Munroe,  William,      ....  6 

P. 

Preston,  William, 4 

Plowman,  Eli  R 6 

Profit  and  Loss,    .     •     .     .     .  6 

Property  on  S.  Charles  street,  4 

S. 

Stock, 1 

Stewart,  William,      ....  3 
Shipment  to  London,      .     .  , .  5 

Ship  Herald, 5 

Shaw  &  Tiffany, 4 

Smith,  William, 4 

Shipment  to  Jamaica  Co.  I,    .5 

T. 

Tiernan,  Wm.  H 5 

Trial  Balance, 8 


59 


0) 


Dr. 


STOCK. 


To  Sundries, 
"   Balance, 


1 

7 

|2,500 
16,756 

00 
16 

19,256 

16 

Dr. 


CASH. 


1  To  Stock, 

2  "  Merchandise,  -  -  -  - 
4  "  Bills  Receivable,  -  -  - 
8      "  Shaw  &  Tiffany, 

18      "  Bills  Receivable, 

7      "  Property  on  South  Charles  street, 

18      "  Samuel  G.  Hyde,       - 

'  Ship  Herald,     -         -         -  - 

21      "  Merchandise,    -         -         -  - 

27      "  John  Lawson,   -         -         -  - 

'  William  Stewart,       -        -  - 

4      "  L.  Lawson's  Consignment, 

7      '•  Merchandise,    -        -         -  - 

'  Bills  Payable,   -        -        -  - 


$6,000 

1,000 

2,000 

472 

1,500 

2,000 

650 

6,500 

11 

11 

1,200 

1,000 

100 

200 


22,644 


60 


Cr. 


(1) 


1     By  Sundries,  - 

"   Profit  and  Loss, 


I 

6 

$16,430 

2,826 

00 
16 

19,256 

16 

1            — 

i 

Cr. 


30 
4 
5 
6 

13 

22 

1 

9 

18 

30 


By  Bills  Payable,    - 

Property  on  South  Charles 


street, 


Bills  Payable,  - 
William  Preston, 
Merchandise,    - 
Shipn[)ent  to  London, 
L.  Lawson's  Consignment, 

Sundries,  -         -  - 
William  Preston, 

Charges,  -         -  - 

Balance,  -        -  - 


$200 

1,600 

60 

300 

50 

1,760 

150 

150 

15 

60 

100 

150 

18,049 


22,644 


61 


(2) 

Dr. 

BILLS 

1839 

' 

Jan. 

1 

To  Stock,      - 

_        -        - 

1 

#3,500 

00 

u 

8 

"   Merchandise,    - 

-        -        - 

2* 

250 

00 

Mar. 

7 

u               u 

4 

348 

00 

4,098 

00 

Dr. 


MERCHANDISE. 


1839 

i 

Jan. 

1 

To  Stock, 

1 

$5,080 

00 

(( 

2 

"   Bills  Payable,   -         -         .         - 

1 

150 

00 

cc 

14 

"   Joseph  Gushing,         -         -         - 

2 

35 

00 

(C 

25 

"   Bills  Receivable, 

2 

250 

00 

cc 

30 

"    William  Smith, 

2 

17 

64 

Feb. 

13 

"   Cash, 

3 

1,760 

00 

« 

16 

"   John  Lawson,   -         -         -         - 

3 

700 

00 

Mar. 

15 

"   Eli  R.  Plowman, 

5 

1,440 

00 

"   Profit  and  Loss, 

6 

1,894 

41 

11,327 

05 

. 

Dr. 


JOHN 


To  balance, 


7 

1 
i 

! 

$2,500 

00 

62 


RECEIVABLE. 


Ca. 


(2) 


1839 
Jan. 

4 
18 
25 

By  Cash,        -        -        -         -         - 

44            tC                       _                .                 -                 _                - 

"    Merchandise,    -         -         -         - 
"   Balance, 

1 
2 

2 

7 

$2,000 

1,500 

250 

348 

00 
00 
00 
00 

4,098 

00 

COX. 


Cr. 


1839 

Jan. 

2 

By  Cash, 

1 

$1,000 

00 

(( 

6 

"    Shaw  &  Tiffany, 

1 

472 

50 

(( 

8 

«   Bills  Receivable, 

2 

250 

00 

fcC 

24 

"   William  Smith, 

2 

1,016 

00 

Feb. 

12 

"   Ship  Herald,     -         -        -        - 

3 

4,000 

00 

(( 

21 

"   Cash, 

3 

11 

02  i 

C( 

'« 

"   JohnLavvson,    -         -         -         - 

4 

11 

024 

« 

22 

"    Shipment  to  London, 

4 

1,760 

00 

Mar. 

7 

"   Sundries,           -         -         _         - 

4 

448 

00 

(C 

18 

'<         "         _         -         -         -         - 

5 

1,690 

00 

"  Balance, 

7 

668 

50 

11,327 

05 

Cr. 


22 


By  Shipment  to  London, 


$2,500 


63 


(3) 

Db.                                             SAMUEL  G. 

1839 
Jan. 

1 

To  Stock, 

1 

$650 

00 

Dr. 


WILLIAM 


1839 
Jan. 


To  Stock, 


$1,200 


00 


Dr. 


WILLIAM 


1859 


To  Balance, 


$2,000 


00 


Dr. 


BILLS 


2 
3 

7 

8 

^200 
300 
,573 

00 
00 
11 

9,073 

11 

1 

1839 

Jan. 

Feb. 


30 
6 


To  Cash, 
"   Balance, 


64 


HYDE. 


18 


By  Cash, 


Cr. 


$650 


(3) 


STEWART. 


Cr. 


27 


By  Cash, 


$1,200 


LORMAN. 

Cr. 

1839 
Jan. 

1 

By  Stock, 

■ 

1 

$2,000 

00 

PAYABLE. 

Cr. 

1839 
Jan. 
(( 

Feb. 
(( 

Mar. 
u 

1 

2 
16 
11 
12 

1 
11 

18 

By  Stock, 

"   Merchandise,    -         -         -         - 

"   Thomas  Gough, 

"   L.  Lawson,       -         -         -        - 

"   Ship  Herald,     -        -         -         - 

"   L.  Lawson's  Consignment, 

"    Sundries,  -         -         -         -         - 

"do. 

1 

1 
2 
3 
3 
4 
5 
5 

$500 

150 

500 

1,111 

2,000 

1,000 

212 

3,600 

00 
00 
00 
11 
00 
00 
00 
00 

9,073 

11 

65 


(4) 


Dr. 


SHAW    AND 


1839 
Jan. 


To  Merchandise,    - 


$472 


50 


Dr. 


Dr. 


JOSEPH 


1839 

To  Balance,  -        - 

7 

$35 

00 

Dr.                                                THOMAS 

1839 
Jan. 

16 

To  Bills  Payable,  .         -         -         - 

2 

$500 

00 

WILLIAM 


1839 
Jan. 


24 


To  Merchandise, 


$1,016 


1,016 


00 


00 


Dr. 


PROPERTY  ON 


1839 
Feb. 


2 

$1,600 

00 

3 

60 

00 

6 

340 

00 

2,000 

00 

D 

R. 

WILLIAM 

1839 
Feb. 
Mar. 

6 
30 

To  Cash,       - 
"      do. 

- 

3 
6 

$50 
100 

00 
00 

150 

00 

66 


TIFFANY. 


Cr. 


(4) 


1839 
Jan. 

8 

By  Cash, 

1 

$472 

50 

GUSHING. 

'Cr. 

1839 
Jan. 

14 

By  Merchandise,    -        -         -         - 

2 

$35 

00 

GOUGH. 

Cr. 

1839 

By  Balance, 

7 

$500 

00 

SMITH. 

Cr. 

1839 
Jan. 

30 

By  Merchandise,     -         -         -         - 
"   Balance, 

2 
7 

$17 
998 

64 
36 

1,016 

00 

S.  CHARLES  STREET. 

Cr. 

1839 
Feb. 

7 

By  Cash, 

3 

$2,000 

! 

i 

00 

1     2,000 

00 

PRESTON. 

Cr. 

1839 

By  Charges, 

6 

$150 

00 

150 

00 

67 


(5) 


Dr. 


SHIP 


1839 
Feb. 


12 


To  Sundries, 
"   Profit  and  Loss, 


3 
6 

$6,000 
500 

00 
00 

6,500 

00 

Dr. 


JOHN 


1839 
Feb. 


21 


To  Merchandise, 
"   Balance,   - 


$11 
700 


711 


023 
00 


02i 


Dr.                                               SHIPM 

EN 

T 

1839 
Feb. 

22 

To  Sundries,           -         -         -         - 

4 

$4,410 

00 

Dr. 


SHIPMENT 


1839 
Mar. 


18 


To  Sundries, 


$2,741 


871 


Dr. 

WILLIAM  H. 

1839 
Mar. 

18 

To  Sundries, 

5 

$2,741 

87i 

Dr. 


L.  LAWSON'S 


1839 

Mar. 

1 

(C 

9 

(( 

25 

To  Sundries, 
"   Cash, 
"   Sundries, 


4 

$1,150 

00 

5 

15 

00 

5 

8,435 

00 

9,600 

00 

68 


HERALD. 


Cr. 


(5) 


1839 
Feb. 

18 

By  Cash, 

3 

$6,500 

00 

6,500 

00 

LAWSON. 

•Cr. 

1839 
Feb. 

16 

27 

By  Merchandise,    -        -        -         - 
"   Cash, 

3 
4 

$700 
11 

00 

02i 

711 

02| 

TO  LONDON. 

Cr. 

1839 

By  Balance, 

7 

$4,410 

00 

TO  JAMAICA,  Co.  1. 

Cr. 

1839 

By  Balance, 

7 

$2,741 

871- 

TIERNAN. 

Cr. 

1839 

By  Balance, 

7 

$2,741 

87i 

CONSIGNMENT. 

Cr. 

1839 

Mar. 

u 

4 

5 

21 

By  Cash,        ----- 
"   Michael  Clancy,        -        -        - 
"   William  Munroe,       -        -        - 

4 
4 
5 

$1,000 
1,100 
7,500 

00 
00 
00 

9,600 

00 

69 


(6) 


Dr. 


WILLIAM 


1839 
Mar. 


21 


To  Lavvson's  Consignment, 


$7,500 


00 


Dr. 


MICHAEL 


1839 
Mar. 


To  Lawson's  Consignment, 


$1,100 


00 


Dr. 

ELI  R. 

1839 

To  Balance,  - 

i 

7 

$1,440 

00 

Dr. 

LAWRENCE 

1839 
Feb. 

11 

To  Bills  Payable,  - 
"   Balance,  - 

. 

3 

7 

$1,111 
7,053 

11 

89 

8,165 

00 

Dr. 

COMMISSION. 

1839 

To  Profit  and  Loss, 

- 

6 

$373 

75 

- 

373 

75 

Dr. 

CHARGES. 

1839 
Mar. 

30 

To  Cash, 
"    William  Preston, 

- 

6 
4 

$150 
150 

00 
00 

300 

00 

Dr. 

PROFIT     AND 

1839 
Mar. 

11 

To  Bills  Payable,  - 
"   Charges,  - 
"   Stock,      - 

. 

5 

6 

1 

$12 

300 

2,826 

00 
00 
16 

3,138 

16 

70 


MUNROE. 


Cr. 


(6) 


1839 

By  Balance, 

7 

$7,500 

00 

CLANCY. 

Cr. 

1839 

By  Balance, 

7 

$1,100 

00 

PLOWMAN. 

Cr. 

1839 
Mar. 

15 

By  Merchandise,    -         -         -         - 

5 

$1,440 

00 

LAWSON. 

Cr. 

1839 
Mar. 

25 

By  Lawson's  Consignment, 

5 

$8,165 

00 

8,165 

00 

Cr. 

1839 
Mar. 

18 
25 

1 
By  Sundries,           .        .        .        - 
"   Lawson's  Consignment, 

5 
5 

$133 
240 

75 
00 

373 

75 

Cr. 

1839 


By  Profit  and  Loss, 


$300 


300 


00 


00 


LOSS. 


Cr. 


1839 

Mar. 

25 

By  Lawson's  Consignment, 

5 

$30 

00 

«   Ship  Herald,     -        -        -        - 

5 

500 

00 

"    Commission,      -         -         -         - 

6 

373 

75 

"   Property  on  S.  Charles  street,     - 

4 

340 

00 

"   Merchandise,    - 

2 

1,894 

41 

3,138 

16 

71 


0) 


Dr. 


BALANCE. 


To  Cash,  -        .        .        - 

"  Bills  Receivable, 

"  Merchandise,       -         -         - 

"  Thomas  Gough,  -         -         - 

"  William  Smith,   - 

"  Shipment  to  London,    - 

"  Shipment  to  Jamaica  Co.  1.  - 

"  William  H.  Tiernan,    - 

"  William  Munroe, 

"  Michael  Clancy, 


Note. — Merchants  usually  balance  their  books 
once,  and  sometimes  twice  a  year,  in  order  to  as- 
certain whether  they  have  gained  or  lost  in  trade, 
since  the  former  balance. 


18,049 

348 

668 

500 

998 

4,410 

2,741 

2,741 

7,500 

1,100 


55 

00 

50 

00 

36 

00 

87 -J- 

87  i 

00 

00 


39,058 


16 


72 


Ce. 


(7) 


By  John  Cox,  - 

"  William  Lorman, 

«  Bills  Payable,      - 

"  Joseph  Gushing,  - 

"  John  Lawson, 

"  L.  Lawson, 

"  Eli  R.  Plowman, 

"  Stock  for  my  net  capital, 


$2,500 

2,000 

8,573 

35 

700 

7,053 

1,440 

16,756 


00 
00 
11 
00 
00 
89 
00 
16 


39,058 


16 


73 


(8) 


TRIAL  BALANCE. 


Dr. 


Cr. 


Stock,      - 

.     .     .     . 

1 

$2,500 

00 

$16,430 

00 

Cash, 

- 

1 

22,644 

55 

4,595 

00 

Bills  Receivable,       -         -        - 

2 

4,098 

00 

3,750 

00 

John  Cox,        -         -        - 

2 

2,500 

00 

Merchandise,    -         -         -         - 

2 

9,432 

64 

10,658 

55 

William  Lorman,       -        -        - 

3 

2,000 

00 

Bills  Payable,   -         - 

3 

500 

00 

9,073 

11 

Joseph  Cushing,        -        .         . 

4 

35 

00 

Thomas  Gough,         -         -         - 

4 

500 

00 

William  Smith, 

4 

1,016 

00 

17 

64 

Property  on  S.  Charles  street,     - 

4 

1,660 

00 

2,000 

00 

William  Preston,       -         -         - 

4 

150 

00 

Ship  Herald,     -        -        -        - 

5 

6,000 

00 

6,500 

00 

John  Lawson,  -         -         -        - 

5 

11 

02| 

711 

02i 

Shipment  to  London, 

5 

4,410 

00 

Shipment  to  Jamaica  Co.  1, 

5 

2,741 

87|- 

Wi  liam  H.  Ti 

ernan. 

5 

2,741 

87i 

William  Munroe,       -         -         - 

6 

7,500* 

00 

Michael  Clancy,        -         -         - 

6 

1,100 

00 

Eli  R.  Plowman,       -        -        - 

6 

1,440 

00 

Lawrence  Lawson,    -         - 

6 

1,111 

ii 

8,165 

00 

'Commission,     -         -        -         - 

6 

373 

75 

Charges, 

6 

150 

00 

Profit  and  Loss, 

6 

12 

go 

30 

00 

$68,279 

07i 

68,279 

071 

Note. — For  the 

information  of  the  stu- 

dent,  a  Trial  Bal 

ince  is  here  given,  al- 

though  it  is  nfever  ( 

jntered  on  the  Books  of 

the  Merchant.    It  should  be  made  at  the 

■ 

end  of  every  month. 

Independent  of  the  above  plan  for  the 

making  out  of  a  Trial  Balance,  the  learner 

may  pursue  the  directions  given  under 

this  head.     Vide  pj 

ige  42. 

i 

1 

! 

74. 


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END   OF  LE 

DGER    A. 

' 

} 

FART  III. 
LECTURES. 


The  Rule  for  Journalizing  is: — All  things  received,  or  the 
receiver,  must  b«  made  debtor,  to  all  things  delivered,  or  to  the 
deliverer — or  the  rule  may  be  expressed  in  these  words: — Whatever 
is  received,  or  ought  to  be  charged,  is  Dr.  and  whatever  is  delivered, 
or  ought  to  be  discharged,  is  Cr. 


LECTURE    I. 


>iora 


What  will  be  your  Journal  entry — 

Question.  If  you  begin  business  with  cash,  $4,000  ? 

Answer.  Cash  Dr.  to  Stock,  $4,000. 

Q.  If  you  commence  business  with  a  capital,  -  $6,000 
Merchandise,  per  inventory,  -  -  -  -  2,000 
The  ship  MinerVa,  valued  at  -  -  -  3,000 
Notes  which  you  hold  against  others,  -  -  2,000 
And  Luke  Tiernan  &  Son  owe  you  on  book  acc't,  1,500 

A.  Sundries  Dr.  to  stock,  $14,500. 
For  the  amount  of  my  effects. 

Cash  for,  -     '    - $6,000 

Merchandise  for, 2,000 

Ship  Minerva  for  her  present  value,  -  -  3,000 
Bills  Receivable  for  notes  you  hold  against  others,  2,000 
Luke  Tiernan  &  Son  for  what  they  owe  me  on 

book  account, "    i'   1,500 

77 


LECTURES. 

Q.  Why  do  you  credit  Stock  in  the  two  preceding  entries  ? 

Ji.  Because  it  represents  the  merchant  in  his  own  set  of  books. 

Q.  If  you  owe  at  the  commencement  of  business,  on  your 

note  to  Alexander  Brown,     -         -        -      Jl  ,000 

To  Timothy  Kelly  on  book  account,  -         -       800 

'^    William  Dorsey,  "  "  -         .  400 

A.  Stock  Dr.  to  Sundries,  |2,200. 
For  the  amount  of  what  I  owe. 

To  Bills  Payable,  due  A.  Brown  on  my  note,  $1,000 
*'  Timothy  Kelly,  due  him  on  account,  -  -  800 
"    William  Dorsey,      <'  «  .        .     400 

Note. — ^Journal  entries  are  either  simple  or  complex.  A  simple  entry 
has  but  one  Debtor  and  one  Creditor.  A  complex  entry  has  one  Debtor 
and  two  or  more  Creditors ;  or  two  or  more  Debtors  and  one  Creditor ; 
or  when  there  are  several  Debtors  and  several  Creditors,  the  entry  is  said 
to  be  complex  in  both  its  terms. 

Q.  Give  me  an  example  of  a  simple  entry  .^ 
Jl.  Cash  Dr.  to  Merchandise,  $50. 

Q.  Give  me  an  example  of  a  complex  entry,  with  one  Dr.  and 
more  than  one  Cr. } 

A.  Cash  Dr.  to  Sundries,  $100. 
To  Merchandise  for       50. 
"    Bills  Payable  ^'        50. 
Q.  Give  me  an  example  of  a  complex  entry,  with  more  Drs. 
than  one,  and  one  Cr. } 

A.  Sundries  Dr.  to  Cash,  $100, 
,  Merchandise  for  $50. 

Bills  Receivable    50. 
Q.  Give  me  an  example  of  an  entry  complex  in  both  its  terms  ? 
d.  Sundries  Dr.  to  Sundries,  $8,000. 

Cash  for $4,000 

Bills  Receivable  for 4,000 

Cis.  are. 

To  Merchandise, 4,000 

"    ship  Swan, 4,000 

Q.  What  does  the  Day  Book  contain.^ 
Jl.  It  contains  or  records  every  transaction  in  business,  which 
produces  any  alteration  in  the  state  of  the  merchant's  affairs. 
Formerly  only  one  book  was  used  for  this  purpose,  but  modern 

78 


LECTURES. 

practice  divides  this  book  into  the  following:  The  Invoice 
Book ;  the  Book  of  Shipments ;  the  Sales  Book ;  the  Cash 
Book  ;  the  Bill  Book.  The  books  just  named,  when  no  others 
are  kept,  contain  the  materials  from  which  the  Journal  and 
Ledger  are  composed,  and  therefore  should  be  kept  with*  the 
greatest  precision  and  accuracy,  and  every  calculation  in  them 
should  be  closely  examined  before  it  is  journalized  and  posted ; 
to  prevent  a  mistake  running  through  the  Journal  and  Ledger. 

Q.  If  you  sell  to  Daniel  Hoffman  a  quantity  of  merchandise 
for  cash,  $600  ? 

A.  Cash  Dr.  to  Merchandise,  $600. 

Q.  If  you  sell  Daniel  Hoffiiian,  on  account,  a  quantity  of  mer- 
chandise amounting  to  $600  ? 

A.  Daniel  Hoffman  Dr.  to  Merchandise,  $600. 

Q.  What  will  be  said  Hoff'man's  Journal  entry } 

J2.  Merchandise  Dr.  to  J.  H.  S.  $600. 

Q.  If  Daniel  Hoffman  paid  you  the  amount  of  what  he  bought 
from  you  in  cash,  $600 } 

Jl.  Cash  Dr.  to  D.  Hoff'man,  $600. 
Received  from  him  in  full. 

Q.  What  will  be  his  Journal  entry  } 

A.  J.  H.  S.  Dr.  to  Cash,  $600. 

Q.  Suppose  you  buy  merchandise  from  D.  Hoffman  for  a  debt 
due  to  you,  the  value  of  which  being  more  than  the  debt,  the 
overplus  paid  in  cash.  The  debt  is  $400.  The  amount  of  mer- 
chandise bought,  $600. 

A.  Merchandise  Dr.  to  Sundries,   -         -         -        -       $600 
To  D.  Hoffman  for  amount  due  me,     -         -  $400 
"    Cash  paid, 200 

Q.  Sold  D.  Hoffman,  at  30  days,  merchandise,  amounting  to 
$200.? 

A.  D.  Hoffman  Dr.  to  Merchandise,  $200. 

Q.  Suppose  you  made  an  abatement  of  $10  on  the  above, 
after  they  were  entered,  on  account  of  defect.'^ 

A.  Merchandise  Dr.  to  D.  Hoffman,  $10. 
For  abatement  allow^ed  him. 

Q.  If  the  account  of  merchandise  were  closed,  what  would 
be  your  Journal  entry  .? 

A.  Profit  and  Loss  Dr.  to  D.  Hoff'man,  $10. 

79 


LECTURES. 

Q.  But  if  D.  Hoffman  had  given  you  his  note,  at  60  days,  in 
payment  of  his  last  purchase  ? 

A.  Bills  Receivable  Dr.  to  D.  Hoffman,  $200. 

Received  his  note,  at  60  days,  to  balance  his  account. 

(J.  What  will  be  D.  Hoffman's  entry  ? 

Jl.  J.  H.  S.  Dr.  to  Bills  Payable,  $200. 

Q.  Define  to  me,  the  purport  of  Bills  Payable  and  Bills  Re- 
ceivable. 

Ji.  Notes  that  I  pass,  or  Drafts  I  accept,  are  termed  Bills 
Payable,  and  those  received  from  others,  are  called  Bills  Re- 
ceivable. 

Q.  If  D.  Hoffman  afterwards  pay  you  the  amount  of  his  note 
in  cash,  $200  ? 

Ji.  Cash  Dr.  to  Bills  Receivable,  $200. 

Received  of  D.  Hoffman  in  full  for  his  note. 

Q.  What  will  be  his  Journal  entry  ? 

S.  Bills  Payable  Dr.  to  Cash,  $200. 

Q.  If  you  pay  D.  Hoffman,  cash,  in  full  for  your  account, 
$100? 

JI,  D.  Hoffman  Dr.  to  Cash,  $100. 

Q.  If  you  buy  of  D.  Hoffman,  on  your  note,  at  30  days,  a 
quantity  of  merchandise,  $400  ? 

A.  Merchandise  Dr.  to  Bills  Payable,  $400. 

Bought  of  D.  Hoffman  on  my  note,  at  30  days. 

Q.  What  will  be  his  Journal  entry  ? 

A,  Bills  Receivable  Dr.  to  Merchandise,  $400. 

Q.  If  you  afterwards  take  up  the  same  note.^ 

JI.  Bills  Payable  Dr.  to  Cash,  $400. 

Q.  If  you  had  paid  the  same  note  in  merchandise.? 

A.  Bills  Payable  Dr.  to  Merchandise,  $400. 

Q.  What  would  be  D.  Hoffman's  entry,  in  that  case  ? 

A.  Merchandise  Dr.  to  Bills  Receivable,  $400. 

Q.  If  you  buy  of  D.  Hoffman,  $1,000  in  merchandise,  and 
give  him  your  note,  at  60  days,  for  $600,  and  cash  for  the 
balance,  $400.? 

Ji.  Merchandise  Dr.  to  Sundries,  $1,000. 

To  Bills  Payable  for  my   note,   favor   Daniel 

Hoffman, $600 

<«    Cash  for  balance, 400 

80 


LECTURES. 

Q.  What  would  be  D.  Hoffman's  Journal  entry  ? 
A.  Sundries  Dr.  to  Merchandise,  $1,000. 

Bills  Receivable  for  the  note  received,     -        -      $600 

Cash,  for  the  balance,        -----    400 

Q.  Suppose  at  the  end  of  60  days,  you  take  up  your  note  in 

favor  of  D.  Hoffman,  and  pay  him  in  cash,      $400 

And  sell  him  50  yards  black  cloth  at  $4  per  yard 

for  the  balance  ? 200 

Jl.  Bills  Payable  Dr.  to  Sundries,  $600. 

To  Cash,  paid  in  part,  my  note,  favor  D.  Hoffman,  $400 
"    Merchandise  sold  him  50  yards  black  cloth,  at 

$4  per  yard,  for  balance,         -        -        -        200 
Q.  What  will  be  D.  Hoffman's  entry  > 
A,  Sundries  Dr.  to  Bills  Receivable,  $600. 

Cash,  for  the  money  received,  -         -         -      $400 

Merchandise  for  the  cloth,  .        -        -        -    200 

Q.  Lent  D.  Hoffman,  $200,  to  be  repaid  in  twenty  days  ? 
Jl.  D.  Hoffman  Dr.  to  Cash,  $200. 

Note. — ^The  person  to  whom  you  deliver  any  thing  is  Dr.  to  the 
thing  delivered  him,  when  nothing  is  given  in  return. 

Q.  If  a  legacy  of  $2,000  is  bequeathed  you  by  John  Grant, 
who  appoints  D.  Hoffman,  his  executor } 
A.  D.  Hoffman  Dr.  to  Profit  and  Loss,  $2,000. 
Gained  by  the  will  of  John  Grant. 

Note. — It  is  plain  that  D.  Hoffman  is  debited,  and  that  no  real  or 
personal  account  can  be  credited;  therefore,  the  imaginary  account. 
Profit  and  Loss,  is  credited. 

Q.  When  D.  Hoffman  pays  you  the  legacy,  what  will  be  your 
Journal  entry .? 

A.  Cash  Dr.  to  D.  Hoffman,  $2,000. 

Received  of  said  Hoffman  in  full  of  the  will  of  John  Grant. 

Q.  If  you  received  the  legacy  before  you  made  an  entry  of 
it,  in  your  books  } 

A.  Cash  Dr.  to  Profit  and  Loss,  $2,000. 

Note. — Whatever  is  received  is  Dr.  to  the  thing  delivered ;  and  as 
nothing  was  given  by  you,  it  being  a  legacy,  it  is  evident  that  John 
Grant  is  not  to  be  credited,  for  you  cannot  credit  a  person  who  is  dead: 
therefore,  you  Debit  Cash,  and  Credit  Profit  and  Loss. 

L  81 


LECTURES. 

Q.  If  you  buy  merchandise  of  D.  Hoffman  for  $800  cash, 
but  he  afterwards  accepts  your  note,  at  6  months,  with  interest 
added,  at  6  per  cent.  ? 

A.  Sundries  Dr.  to  Bills  Payable,  $824. 

Merchandise  for  amount  D.  H's  bill,         -         -      $800 
Profit  and  Loss  for  the  interest,  -         -         -       24 

Q.  What  would  be  D.  Hoffman's  entry  .? 

Jl.  Bills  Receivable  Dr.  to  Sundries,  $824. 

To  Merchandise  for $800 

"    Profit  and  Loss  for  interest,  -        -        -       24 

Q.  When  you  made  D.  Hoffman  Dr.  to  Merchandise  sold 
him,  on  Book  account,  in  this  lecture,  what  did  you  infer  from 
this  Journal  entry  ? 

A.  That  D.  Hoffman  is  the  Dr.  and  Merchandise  the  Cr.  for 
a  certain  sum,  the  amount  of  the  Dr.  being  equal  to  that  of  the 
Cr.  this  is  the  purport  of  the  application  of  Dr.  and  Cr. 

Q.  Suppose  A.  B.  of  Mobile  owes  you  $3,250  for  Merchan- 
dise, and  he  gives  you  a  draft,  at  sight,  on  C.  D.  of  Philadel- 
phia, from  whom  you  receive  a  check  on  the  United  States 
Bank,  at  60  da3^s,  at  one  per  cent.  Exchange } 

Q.  Suppose  you  had  a  debt  of  $800  against  A.  B.  who  is 
dead,  and  in  the  course  of  some  time,  his  executor  pay  you, 
with  interest  thereon,  what  will  be  your  Journal  entry  } 

Note. — Creditors  are  always  written  with  the  word  To  before 
them;  but  Debtors  are  expressed  simply,  without  any  word  prefixed. 


82 


LECTURE    II. 


What  will  be  your  Journal  entry — 

Q.  If  you  buy  goods  of  J.  Hart,  for  the  use  of  your  store^ 
and  give  him  your  note,  at  2  months  for  $1,200  ? 
Jl.  Merchandise  Dr.  to  Bills  Payable,  $1,200. 
Q.  What  entry  will  J.  Hart  make  ? 
A.  Bills  Receivable  Dr.  to  Merchandise,  $1,200. 
Q.  Suppose  you  bought  said  goods  for  the  use  of  your  fac- 
tory ? 

Jl.  Factory  account  Dr.  to  Bills  Payable,  $1,200. 
Q.  If  you  bought  goods  to  the  amount  of  $100,  for  the  use  of 
your  house,  on  Book  account,  from  J.  Hart  ? 
Jl.  House  expenses  Dr.  to  J.  Hart,  $100. 
Q.  If  your  drayman,  Wm.  Smith,  furnish  you  with  a  bill  of 
$20  for  drayage } 

Jl.  Charges  Dr.  to  Wm.  Smith,  $20. 

Q.  If  you  sell  Merchandise  to  the  amount  of  $500,  belonging 
to  the  Factory,  on  Book  account,  to  John  Grundy } 
Jl.  John  Grundy  Dr.  to  Factory  account,  $500. 

For  amount  of  goods  sold  him,  as  per  bill  rendered. 
Q.  Suppose  you  allow  an  abatement  of  $12  for  defect,  on 
said  goods? 
A.  Factory  account  Dr.  to  John  Grundy,  $12. 
Q.  If  you  sell  J.  Grundy,  $500  worth  of  merchandise  and 
receive  from  him,  his  note,  at  90  days,  for      $250 
And  cash,  for  the  balance,  -----     250 
A.   Sundries  Dr.  to  Merchandise,  $500. 

Bills  Receivable,  for  J.  Grundy's  note,     -        -      $250 

Cash,  for  the  balance, 250 

Q.  AVhat  will  be  his  Journal  entry? 
A.  Merchandise  Dr.  to  Sundries,  $500. 

To  Bills  Payable,  for  my  note,        -         -         -      $250 
"    Cash,  for  the  balance,  -        -        -        -     250 

83 


LECTURES. 

Q.  If  J.  Grundy  afterwards,  give  you,  in  payment,  a  note  he 
holds  against  Robert  Colder  for       -         -      $125 
And  Merchandise,  for  the  balance,        -         -         -     125 
w3.  Sundries  Dr.  to  Bills  Receivable,  $250. 

Bills  Receivable  for  R.  Golder's  note,     -         -       $125 
And  Merchandise,  for  balance,  -         -         -         -     125 
Q.  Accepted  John  Grundy's  draft,  at  60  days'  sight,  in  favor 
of  Robert  Golder,  $300? 

A.  John  Grundy  Dr.  to  Bills  Payable,  $500. 

For  my  acceptance  of  his  draft,  at  60  days'  sight,  to 
Robert  Golder. 
Q.  Matthew  Carey  has  remitted  me  his  draft  on  Patrick 
Tiernan,  dated  January  14th,  at  30  days,  for  $1,500? 
A.  Bills  Receivable  Dr.  to  M.  Carey,  $1,500. 

For  his  draft  on  P.  Tiernan,  January  14th,  at  30  days. 
Q.  If  you  discount  Charles  Williams'  bill  of  $500,  due  the 
8th  inst. 

Discount  thereon  ? 
A.  Sundries  Dr.  to  Bills  Receivable,  $500. 
Cash,  for  net  amount  of  note  discounted. 
Profit  and  Loss,  for  discount. 
Q.  Charles  Williams  having  failed,  you  have  taken  up  his 
note,  due  this  day  ? 

A,  Charles  Williams  Dr.  to  Cash. 

Paid  his  note,  he  having  failed.  ^ 

Q.  Lost  my  pocket  book  containing  Bank  notes  to  the  amount 
of  $50. 

Paid  for  advertising,  $2  ? 
A.  Profit  and  Loss  Dr.  to  Cash,  $52. 

Q.  If  you  receive  for  rent  of  your  house  in  Baltimore  st.,  $800? 
A,  Cash  Dr.  to  Property  on  Baltimore  street,  or  to  House  in 
Baltimore  street,  or  Real  Estate,  $800. 

NofE. — When  rents,  freights,  or  the  like,  are  owing,  it  will  readily 
occur  to  make  the  person  accountable  Dr.  instead  of  Cash — or,  when 
any  other  article  is  received,  to  make  the  article  received  Dr.  to  the 
property. 

Q.  If  you  pay  John  Hogg  for  repairs  to  house  in  Baltimore 
street,  $80? 

A.  Property  in  Baltimore  street  Dr.  to  Cash,  $80. 

84 


LECTUEES. 

Note. — Paying  charges  on  account  of  Property.  The  Property  Dr. 
to  Cash,  for  the  repairs,  duties,  or  the  hke.  If  the  charge  be  owing  at 
taking  a  balance,  the  property  is  made  Dr.  to  the  person  to  whom  it  is 
due ;  or  if  we  discharge  it  by  giving  merchandise,  the  property  is  Dr.  to 
the  article  delivered. 

Q.  If  you  buy  of  John  Grundy,  $2,000  worth  of  merchandise, 
and  give  him  your  order  on  D.  Hoffman.? 

j3.  Merchandise  Dr.  to  D.  Hoffman,  $2,000. 

For  my  order  on  him,  in  favor  of  J.  Grundy. 

Q.  What  will  be  D.  Hoffman's  Journal  entry,  if  he  pay  your 
order  in  Cash } 

A.  J.  H.  S.  Dr.  to  Cash,  $2,000. 

Note. — Observe  whenever  you  draw  on  any  person  on  your  own 
account,  you  must  credit  him,  and  he  will  debit  you. 


8& 


LECTURE    III 


What  will  be  your  Journal  entry — 

Q.  If  you  buy  of  Wm.  Mayhew  &  Co.  $4,000  wortb  of  mer- 
cbandise,  and  give  ihem,  in  part  payment,  a  note  you   hold 

against  them  for, |2,000 

And  your  note  for  the  balance,  -         -         -     2,000 

Jl.  Merchandise  Dr.  to  Sundries,  $4,000. 

To  Bills  Receivable,  for  Mayhew  &  Go's  note  given  up,  $2,000 

"    Bills  Payable  for  my  note,         .         .         -         -     2,000 

Q.  If  you  buy  of  Mayhew  &  Co.  $4,000  worth  of  merchandise, 

and  give  them  in  part  payment,  your  note  at  60  days  for  $2,000 

The  balance,  in  cash, 2,000 

Ji.  Merchandise  Dr.  to  Sundries,  $4,000. 

To  Bills  Payable,  for  my  note,     -        -        -      $2,000 
"    Cash,  for  the  balance,       ...        -     2,000 
Q.  What  will  be  their  Journal  entry  .'' 
Jl.  Sundries  Dr.  to  Merchandise,  $4,000. 

Bills  Receivable  for  the  note  received,  -        -      $2,000 
And  Cash  for  the  balance,       .         -        -        -     2,000 
Q.  If  you  buy  of  Mayhew  &  Co.  $400  worth  of  merchandise, 
at  one  month's  credit  ? 

j3.  Merchandise  Dr.  to  Mayhew  &  Co.  $400. 
Bought  of  them  on  account,  at  one  month. 
Q.  If  Mayhew  &  Co.  gave  you  the  $400  worth  of  goods,  to 
balance  an  account  they  owed  you  ? 

A.  Merchandise  Dr.  to  Mayhew  &  Co.  $400. 
Q.  Suppose  you  lose  the  $400  worth  of  goods,  you  bought 
from  Mayhew  &  Co.  by  fire  ? 

A.  Profit  and  Loss  Dr.  to  Merchandise,  $400. 
Q.  Suppose  you  give  a  donation  of  $10  to  a  charitable  insti- 
tution ? 
A,  Profit  and  Loss  Dr.  to  Cash,  $10. 
Q.  Suppose  you  buy  a  lottery  ticket  for  $5  } 
A.  Profit  and  Loss  Dr.  to  Cash,  $5. 

86 


LECTURES. 

Q.  Suppose  sometime  afterwards  you  drew  a  prize,  amount- 
ing to  $600,  all  expenses  deducted  ? 

A.  Cash  Dr.  to  Profit  and  Loss. 

Q.  Suppose  you  gave  $50  worth  of  goods  as  a  present.^ 

Jl.  Profit  and  Loss,  Dr.  to  Merchandise,  $50. 

Q.  Suppose  you  bought  at  the  auction  store  of  Hoffman  &  Co. 
^2,000  worth  of  merchandise,  for  cash,  and  sold  them,  before 
you  entered  them  in  your  books,  for  $2,500 } 

A.  Cash  Dr.  to  Profit  and  Loss,  $500. 

Q.  Suppose  you  sold  them,  and  lost  by  the  sale,  before 
entry,  $100.? 

A.  Profit  and  Loss  Dr.  to  Cash,  $100. 

Q.  Suppose  you  receive  from  D.  Hoffman  on  account  of  James 
Blackwood,  $200? 

S..  Cash  Dr.  to  J.  Blackwood,  $200. 

Received  from  D.  Hoffman  on  account  of  J.  B. 

Q.  If  D.  Hoffman  owes  me  $500,  and  he  fails,  and  the  debt 
becomes  a  total  loss  .'' 

A.  Profit  and  Loss,  Dr.  to  D.  Hoffman,  $500. 

Note. — When  the  bankrupt  pays  a  composition,  make  Profit  and 
Loss  Dr.  to  the  bankrupt,  for  the  deficiency ;  and  when  a  dividend  is 
received,  or  a  final  settlement  made,  enter  the  article  received,  or  person 
accountable  for  it.  Dr.  to  the  bankrupt,  if  the  bankrupt  should  pay  up 
the  balance.     Cash  Dr.  to  Profit  and  Loss  for  the  sum  received. 

Q.  If  you  sell  to  Mayhew  &  Co.  $200  worth  of  merchandise 
and  receive  their  draft,  at  sight,  on  James  Ryan,  of  New  York, 
for  that  amount,  which  you  charge  to  said  Ryan's  account,  being 
in  his  debt,  $200? 

A.  James  Ryan  Dr.  to  Merchandise,  $200. 

Sold  Mayhew  &  Co.  merchandise,  and  received  their 
draft  on  James  Ryan,  $200. 

Q.  What  will  be  James  Ryan's  Journal  entry,  when  you 
advise  him  of  the  transaction  ? 

A.  Mayhew  &  Co.  Dr.  to  J.  H.  S.,  $200. 

Q.  If  you  sell  to  Mayhew  &  Co.,  on  their  note,  at  90  days, 
$1,000  worth  of  goods? 

A.  Bills  Receivable  Dr.  to  Merchandise,  $1,000. 

Sold  to  Mayhew  &  Co.,  on  their  note,  at  90  days. 

Q.  If  you  purchase  at  Hoffman  &  Co's  auction  store,  for  cash, 

87 


LECTURES. 

f  1,000  worth  of  Irish  linen,  and  sell  it  before  you  enter  it  on 
your  books,  for  $1,200  cash,  and  gain  by  the  transaction,  $200? 
A.  Cash  Dr.  to  Profit  and  Loss,  $200. 
Q.  Suppose  you  had  sold  the  same  linen,  on  a  note,  at  30 
days,  for  $1,200? 
A,  Bills  Receivable  Dr.  to  Sundries,  $1,200. 

To  Cash  paid, $1,000 

"   Profit  and  Loss  for  the  gain,        -        -        .      200 
Q.  Suppose  Mayhew  &  Co.  had  owed  you  $400  on  their 
note,  and  you  compromised  with  them  for  $200  ? 
A.  Sundries  Dr.  to  Bills  Receivable,  $400. 

Cash,  for  money  received,      -        -        -        .      $200 

And  Profit  and  Loss,  for  the  loss,        -        -        -     200 

Q.  Suppose  Mayhew  &  Co.  had  owed  you,  on  their  note,  $400 

and  had  given  you  a  new  endorsed  note,  at  60  days,  for       200 

And  you  had  to  lose  the  balance,        ...      200 

A.  Sundries  Dr.  to  Bills  Receivable,  $400. 

Bills  Receivable  for  the  new  endorsed  note  received,  $200 

Profit  and  Loss,  for  the  loss,        -        -        -        -    200 

Q.  Suppose  Mayhew  &  Co.  owed  you,  on  their  note,  $600, 

and  in  payment,  gave  you  your  note,  passed  to  D.  Hoffman,  for 

the  same  amount,  $600  ? 

A.  Bills  Payable  Dr.  to  Bills  Receivable,  $600. 

Passed  Mayhew  &  Co's  note  in  payment  for  mine, 

favor  D.  H.  for $600 

Q.  Suppose  James  Blackwood,  who  owed  you,  on  book  ac- 
count, $400,  has  failed,  and  he  secure  you  $200  of  the  debt 
payable  in  six  months,  and  you  sign  his  release  for  the  balance  ? 
A,  Profit  and  Loss  Dr.  to  J.  Blackwood,  $200. 

Released  him  this  amount  on  account. 
Q.  If  you  borrow  D.  Hoffman's  note,  at  30  days,  for  your 
accommodation,  for  $800  ? 

A.  Bills  Receivable  Dr.  to  D.  Hoffman,  $800. 

Borrowed  his  note,  at  30  days,  for  my  accommodation. 
Q.  If,  when  D.  Hoffman's  note,  which  you  borrowed,  becomes 
due,  you  give  him  your  check  on  the  Merchants'  Bank  for  the 
amount,  $800? 

A.  D.  Hoffman  Dr.  to  Cash,  $800. 

Paid  him  for  his  note,  borrowed  for  my  accommodation. 

88 


LECTURE    IV 


What  will  be  your  Journal  entry — 

Q.  Suppose  you  get  Lorenzo  Dorsey's  note  discounted  at 
the  Merchants'  Bank,  and  receive  in  cash — 

Discount  for  64  days,  being ? 

A,  Sundries  Dr.  to  Bills  Receivable. 

Cash  for  the  net  amount  of  Dorsey's  note  discounted. 
Profit  and  Loss  for  the  discount. 
Q.  If,  when  L.  Dorsey's  note  becomes  due,  it  is  protested  for 
non-payment,  and  you  repay  the  bank,  with  cost  of  protest,  &c., 
in  cash  ? 

A.  L.  Dorsey  Dr.  to  Cash. 

For  his  note,  with  cost  of  protest,  &c.,  which  1  had  dis- 
counted. 
Q.  Suppose  L.  Dorsey  give  you  his  note,  at  90  days,  for  $500, 
with  interest  added,  at  6  per  cent.,  to  pay  a  debt  he  owes  you  ? 
A.  Bills  Receivable  Dr.  to  Sundries. 

To  L.  Dorsey,  for  amount  of  his  account,  $500. 
"   Profit  and  Loss,  for  interest. 
Q.  Suppose  you  give  L.  Dorsey  your  note  at  60  days,  for 
$500,  with  interest  added,  to  pay  a  debt  which  you  owe  him? 
A.  Sundries  Dr.  to  Bills  Payable,  $500. 

L.  Dorsey,  for  the  amount  of  my  account. 
Profit  and  Loss,  for  the  interest. 
Q.  Suppose  you  received  of  L.  Dorsey,  for  his  note  of  $500, 
a  new  one,  at  60  days,  with  interest  added,  for  $300.        $303 
And  Cash  for  the  balance,         -         -         -        -        200 
A,  Sundries  Dr.  to  Sundries,  $503. 

Bills  Receivable,  for  the  new  note,   -        -        -    $303 
Cash,  for  the  balance,  .        -        -        -  200 

Crs.  are. 
To  Bills  Receivable,  for  his  old  note  given  up,        $500 
"   Profit  and  Loss  for  the  interest,  -        -        -  3 

M  89 


LECTURES. 

Q.  If  you  draw  a  bill  of  $2,000,  on  M.  Carey,  of  Philadel- 
phia, at  30  days  sight,  in  favor  of  Stephen  Girard,  to  pay  a 
debt  you  owe  the  latter  ? 

Jl,  Stephen  Girard  Dr.  to  M.  Carey,  $2,000. 

For  my  draft  on  the  latter  in  favor  of  the  former. 
Q.  If  you. buy  a  house  of  A.  Golder,  situated  on  Fayette 

street,  and  pay  him  in  cash, $3,000 

And  pass  your  note,  at  3  months,  for  the  balance,     2,000 
A.  Property  on  Fayette  street.  Dr.  to  Sundries,  $5,000. 

To  Cash,  paid  A.  Golder  in  part,  -         -        -    $3,000 

"   Bills  Payable  for  my  note,  for  balance,     -        2,000 

Q.  If  you  effect  insurance,  with  the  Firemen's  Insurance 

Company,  on  $5,000,  at  one  per  cent,  premium,  and  pass  your 

note,  at  30  days,  for  $50? 

A.  Property  on  Fayette  street  Dr.  to  Bills  Payable,  $50. 

For  my  note  passed  the  Firemen's  Insurance  Company 
for  premium. 
Q.  Suppose  your  house  is  consumed  by  fire,  and  you  receive 
from  the  Firemen's  Insurance  Company,  your  note  passed  to 

them  for  the  premium, $50 

And  Cash  for  the  balance,      -        -        -        -         4,950 
Jl.  Sundries  Dr.  to  Property  on  Fayette  street,  $5,000. 

Bills  Payable,  for  my  note  received,  -        -      $50 

Cash  received  from  the  Firemen's  Insurance 

Company  for 4,950 

Q.  Suppose  your  house  is  destroyed  by  fire,  and  that  no 
Insurance  was  effected,  worth  $5,000.^ 

A.  Profit  and  Loss  Dr.  to  Property  on  Fayette  street,  $5,000 
Q.  If  you  go  to  Boston,  on  business,  and  spend  $90  ? 
w3.  Charges  Dr.  to  Cash,  $90. 
Paid  expenses  to  Boston. 
Q.  Suppose  you  received  of  Ignatius  Boarman,  $800,  being 
the  amount  of  twelve  months'  rent  due  to  you  on  property  in 
Fayette  street  ? 

Jl.  Cash  Dr.  to  Ignatius  Boarman,  $800. 

Note. — At  the  closing  of  the  books,  Ignatius  Boarman's  account  is 
closed  To  Property  on  Fayette  street,  which  is  immediately  transferred  to 
the  Cr.  side  of  Property  on  Fayette  street,  by  saying:  By  Ignatius  Boar- 
man, for  twelve  months'  rent,  and  Property  on  Fayette  street  is  afterwards 

90 


LECTURES. 


closed  like  Ship  or  Bank  Stock  account.  In  place  of  crediting  Ignatius 
Boarman  for  the  twelve  months'  rent  already  referred  to,  you  may  credit 
Property  on  Fayette  street,  which  will  produce  the  same  resuh ;  as  Pro- 
perty on  Fayette  street,  as  a  matter  of  course,  should  be  credited  for 


what  it  brings  in. 


Q.  Suppose  you  owe  your  clerk,  John  McGrevy,  for  three 
months'  services,  $200  ? 

Jl.  Charges  Dr.  to  John  McGrevy,  $200. 
Q.  Suppose  you  afterwards  pay  him  $200.^ 
A.  John  McGrevy  Dr.  to  Cash,  $200. 

Note. — If  any  charge,  such  as  clerk's  wages,  interest,  or  the  like,  be 
due  at  taking  a  balance,  the  account  of  Charges,  Profit  and  Loss,  or  In- 
terest, is  made  Dr.  to  the  person  to  whom  it  is  owing. 

Q.  Suppose  you  buy  200  shares  Franklin  Bank  Stock,  at  5 
per  cent,  advance,  each  share  amounting  to  $50       10,500.^ 

Jl.  Franklin  Bank  Stock  Dr.  to  Cash,  $10,500. 

Q.  If  you  afterwards  receive  a  dividend  of  4  per  cent,  on 
Franklin  Bank  Stock,  $420.? 

A.  Cash  Dr.  to  Franklin  Bank  Stock,  $420. 

Q.  If  you  sell  Franklin  Bank  Stock,  for  cash,  at  the  rate  of 
$98  to  the  $100  Stock,  $9,800.? 

Jl.  Cash  Dr.  to  Franklin  Bank  Stock,  $9,800. 

Q.  Suppose  you  had  sold  to  A.  Golder  &  Co.,  the  200  shares 
Franklin  Bank  Stock,  at  8  per  cent,  advance,  each  share  $50, 
$10,800,  and  receive  in  part  payment,  merchandise  to  the  amount 
of  $9,000,  and  their  note,  at  30  days  for  balance,  $1,800.? 

A.  Sundries  Dr.  to  Franklin  Bank  Stock,  $10,800. 

Merchandise  for $9,000 

Bills  Receivable,  for  A.  Golder  &  Co's  note,  1,800 

Q.  If  you  exchange  notes  with  A.  Golder  &  Co.  for  your 
mutual  accommodation,  for  $1,500.? 

A.  Bills  Receivable  Dr.  to  Bills  Payable,  $1,500. 

Note. — A.  Golder  &  Co.  will  make  the  same  Journal  entry. 

Q.  Suppose  you  borrowed  A.  Golder's  note,  at  60  days,  for 
your  accommodation,  $2,000 .? 

A.  Bills  Receivable  Dr.  to  A.  Golder,  $2,000. 

Q.  If  you  lose  on  merchandise  by  fire,  and  no  insurance 
effected .? 

Jl.  Profit  and  Loss  Dr.  to  Merchandise. 

91 


LECTURES. 

Q.  If  you  insure,  with  the  Firemen's  Insurance  Co.,  $5,000 
pn  your  merchandise,  in  store,  at  one  per  cent,  premium,  and 
pay  it  in  cash,  $50 } 

Jl.  Merchandise  Dr.  to  Cash,  $50. 

For  premium  paid  on  goods  in  store. 
Q.  If  you  allow  $20,  in  cash,  for  defect  on  goods  formerly 
sold? 
j2.  Merchandise  Dr.  to  Gash,  $20. 

For  defect  allowed  on  goods  formerly  sold. 
Q.  If  you  borrow  of  A.  Golder,  $200  in  cash,  and  give  him 
your  note  for  $212,  payable  in  12  months.? 
Ji.  Sundries  Dr.  to  Bills  Payable,  $212. 

Cash  for  the  money  received,  -         -         -        -     $200 
Profit  and  Loss  for  the  interest,   -         -         -        -     12 
Q.  What  will  be  A.  Golder's  Journal  entry  .? 
Jl,  Bills  Receivable  Dr.  to  Sundries,  $212. 

To  Cash,  for  the  money  lent,  -         -        -        -    $200 
"   Profit  and  Loss,  for  the  interest,      -        -        -     12 
Q.  If  A.  Golder  owe  you,  on  account,  $1,000,  and  he  pay 
you  in  cash,  with  interest,  at  6  per  cent.,  for  two  months.? 
A.  Cash  Dr.  to  Sundries,  $1,010. 

To  A.  Golder,  for  amount  of  his  account,        -    $1,000 
"   Profit  and  Loss,  for  the  interest,  -        -        -        10 
Q.  What  will  be  A.  Golder's  entry? 
Jl,  Sundries  Dr.  to  Cash,  $1,010. 

J.  H.  S.  for  what  I  owed  him  on  account,        -    $1,000 

And  Profit  and  Loss,  for  the  interest,  -        -        10 

Q.  Suppose  A.  Golder  had  paid  you,  before  the  debt  became 

due,  in  cash, $990 

And  you  had  allowed  discount,  for  the  balance,  10 

A.  Sundries  Dr.  to  A.  Golder,  $1,000. 

Cash,  for  the  sum  received,      -        -        -        -    $990 

Profit  and  Loss,  for  the  discount,  -        -        -     10 

Q.  If  you  lend  to  Richard  Walker,  on  his  Bottomry  Bond, 

$1,500  in  cash,  to  be  repaid,  with  20  percent,  premium,  to 

Peter  Lacroix,  of  Havre,  on  account,  ten  days  after  the  arrival 

of  his  ship,  Venus,  in  that  port  ? 

Jl.  Bills  Receivable  Dr.  to  Cash,  $1,500. 

Q.  If  Peter  Lacroix,  of  Havre,  write  to  you  that  he  has  re- 

92 


LECTURES. 

ceived  from  Richard  Walker,  $1,800,  on  your  account,  in  fiiU 
for  principal  and  premium  of  $1,500,  lent  to  said  Walker  on 
his  Bottomry  bond  ? 
Jl.  Peter  Lacroix  Dr.  to  Sundries,  $1,800. 

To  Bills  Receivable,  for  Richard  Walker's 

bond  given  up,  -----     $1,500 

To  Profit  and  Loss,  for  the  premium,        -        -      300 

Note. — Bottomry  and  Respondentia. — ^The  contract  of  bottomry  is  in 
the  nature  of  a  mortgage  of  a  ship,  when  the  owner  of  it  borrows  money 
to  enable  him  to  carry  on  the  voyage,  and  pledges  the  keel  or  bottom  of 
the  ship,  as  a  security  for  the  repayment :  and  it  is  understood,  that  if 
the  ship  be  lost,  the  lender  loses  his  money ;  but  if  it  return  in  safety,  then 
he  shall  receive  back  his  principal,  and  also  the  premium  or  interest  stipu- 
lated to  be  paid,  however  it  may  exceed  the  usual,  or  legal  rate  of  interest. 
When  the  ship  and  tackle  are  brought  home,  they  are  hable,  as  well  as 
the  person  of  the  borrower,  for  the  money  lent.  But  when  the  loan  is 
not  made  upon  the  vessel,  but  on  the  goods  and  merchandise  laden 
thereon,  which,  from  their  nature,  must  be  sold  or  exchanged  in  the 
course  of  the  voyage,  then  the  borrower  only  is  personally  bound  to  an- 
swer the  contract ;  who,  therefore,  in  this  case,  is  said  to  take  up  money 
at  respondentia.  In  this  consists  the  difference  between  bottomry  and 
respondentia;  that  the  one  is  a  loan  upon  the  ship,  the  other  upon  the 
goods ;  in  the  former  the  ship  and  tackle  are  liable,  as  well  as  the  person 
of  the  borrower ;  in  the  latter,  for  the  most  part,  recourse  must  be  had  to 
the  person  only  of  the  borrower.  Another  observation  is,  that  in  a  loan 
upon  bottomry,  the  lender  runs  no  risk,  though  the  goods  should  be  lost, 
and  upon  respondentia,  the  lender  must  be  paid  his  principal  and  interest, 
though  the  ship  perish,  provided  the  goods  are  safe.  But  in  all  other 
respects,  the  contract  of  bottomry  and  that  of  respondentia  are  upon  the 
same  footing. 


9S 


LECTURE    V 


What  will  be  your  Journal  entry — 

Q.  If  you  pay  freight  of  merchandise  from  Boston,  in  cash,  f  50? 
Ji.  Merchandise  Dr.  to  Cash,  $50. 

Q.  Suppose  you  had  passed  your  note  for  the  freight,  $50? 
A.  Merchandise  Dr.  to  Bills  Payable,  $50. 
Q.  If  you  gave  a  note  you  hold  against  James  Blackwood, 
for  the  freight,  $50  ? 

Jl.  Merchandise  Dr.  to  Bills  Receivable,  $50. 

Q.  If  you  pay  notes,  you  had  formerly  passed,  in  cash,  viz : 

ToA.  Golder, $500 

«    James  Blackwood,        -        -        .        -        1,000 

"    Daniel  Hoffman, 1,500 

w3.  Bills  Payable  Dr.  to  Cash,  $3,000. 

Paid  note  favor  A.  Golder  for  -        -        -        -    $500 

"  "         J.Blackwood,     -        -        -        1,000 

«  "  Daniel  Hoff'man,       -        -        -   1,500 

Q.  If  you  receive  from  the  following  persons,  cash,  in  full,  of 

their  accounts,  viz : 

From  James  Bacon, $100 

"      Thomas  Dillaway, 80 

A.  Cash  Dr.  to  Sundries,  $180. 

To  James  Bacon,  received  from  him  in  full,     -      $100 

"    Thomas  Dillaway, 80 

Q.  Suppose  you  had  insured  $1,000  on  the  ship  Peacock  of 
Philadelphia,  bound  to  London,  belonging  to  William  Patterson, 
and  received  the  premium  at  10  per  cent.  ? 
A,  Cash  Dr.  to  Insurance,  $100. 

Q.  If  you  receive  cash,  in  part  for  a  note  you  hold  against 
James  Blackwood? 

A.  Cash  Dr.  to  Bills  Receivable. 

Q.  If  you  pay  cash,  in  part  for  a  note  held  against  you,  by 
James  Bacon  ? 
j2.  Bills  Payable  Dr.  to  Cash. 

94 


LECTURES. 

Q.  Suppose  you  had  endorsed  a  note  for  J.  Blackv^ood,  and 
had  to  pay  it  ? 

*B..  James  Blackwood  Dr.  to  Cash. 

Q.  If  Matthew  Carey,  of  Philadelphia,  draw  a  bill  on  you  at 
sight,  in  favor  of  A.  Golder,  and  you  pay  it  in  cash,  $1,000.'* 

A.  M.  Carey  Dr.  to  Cash,  $1,000. 

Paid  his  draft  on  me,  at  sight,  favor  of  A.  Golder. 

Q.  If  Matthew  Carey,  of  Philadelphia,  draw  on  you,  at 
30  days  sight,  in  favor  of  A.  Golder,  and  you  accept  it,  for 
$1,000? 

A.  M.  Carey  Dr.  to  Bills  Payable,  $1,000. 

Q.  If  you  afterwards  pay  your  acceptance,  in  favor  of  A. 
Golder,  in  cash,  $1,000? 

Jl.  Bills  Payable  Dr.  to  Cash,  $1,000. 

Q.  If  you  draw  a  bill  of  $1,200  on  Matthew  Carey,  of  Phil- 
adelphia, in  favor  of  R.  Golder,  to  pay  ad  ebt  you  owe  said 
Golder? 

w2.  R.  Golder  Dr.  to  M.  Carey,  $1,200. 

For  my  draft  on  the  latter,  in  favor  of  said  Golder. 

Q.  If  James  Brown,  of  Liverpool,  draw  a  Bill  of  Exchange 
on  you  for  £250  sterling,  at  90  days  sight,  favor  of  A.  Brown 
&  Sons,  and  you  accept  it,  for  $1,111.11? 

Jl.  James  Brown  Dr.  to  Bills  Payable,  $1,111.11. 
Accepted  his  bill  on  me,  favor  A.  Brown  &  Sons. 

Q.  If  you  buy  of  A.  Brown  &  Sons,  their  set  of  Exchange  of 
£200  sterling,  at  60  days  sight,  on  James  Brown,  of  Liverpool, 
at  par,  $888.88? 

A.  Bills  Receivable  Dr.  to  Cash,  $888.88. 

Q.  If  you  buy  for  cash,  A.  Brown  &  Sons'  set  of  Exchange 
of  £200  sterling,  at  60  days  sight,  on  James  Brown,  of  Liver- 
pool, at  two  per  cent,  premium  ? 

A,  Sundries  Dr.  to  Cash,  $906.64. 

Bills  Receivable,  for  the  draft,      -        -        -    $888.88 
Exchange  acct.,  or  Profit  &  Loss  for  the  premium,  17.76 

Q.  Suppose  you  had  bought  of  A.  Brown  and  Sons,  their  set 
of  Exchange,  at  two  per  cent,  discount  ? 

A.  Bills  Receivable  Dr.  to  Sundries,  $888.88. 

To  Cash,  for  the  sum  paid,  -        -        -    $871.12 

"   Exchange  account  for  the  discount,     -        -     17.76 

95 


LECTURES. 

Q.  Suppose  you  sell  for  cash,  A.  Brown  &  Sons'  set  of  Ex- 
change of  £200  sterling,  on  James  Brown,  of  Liverpool,  at  par, 
$888.88  ? 

^.  Cash  Dr.  to  Bills  Receivable,  $888.88. 

Q.  If  you  sell  to  A.  Golder  for  cash,  your  Bill  of  Exchange 
of  £200  sterling,  at  90  days  sight,  on  James  Brown,  of  Liver- 
pool, at  par } 

A.  Cash  Dr.  to  James  Brown,  $888.88. 

Sold  my  bill  on  him,  favor  A.  Golder,  at  par. 

Q.  If  you  received  of  Vanpelt,  of  Rotterdam,  his  bill  on  Shaw 
&  Tiffany,  at  sight,  who  paid  you,  being  in  full  of  said  Vanpelt's 
account,  $600.^ 

A.  Cash  Dr.  to  Vanpelt, 


Note. — A  Bill  of  Exchange  is  a  written  order  from  one  person  to 
another,  requiring  him  to  pay  a  certain  sum  of  money  to  a  third  person, 
or  to  his  order,  and  that  either  on  demand,  or  at  a  specified  time.  It  is 
by  means  of  Bills  of  Exchange,  that  money  is  usually  remitted  from  one 
country  to  another.  The  term  of  a  bill  varies  according  to  the  agree- 
ment of  the  parties,  or  the  custom  of  the  countries.  Some  bills  are  drawn  at 
sight,  others  at  a  certain  number  of  days  after  sight,  or  after  date ;  and 
some  at  usance.  Bills  of  Exchange  are  mostly  drawn  in  the  money  of 
the  places  where  they  are  to  be  paid.  As  a  security  against  accidents  or 
delays,  merchants  frequently  make  out  three  or  four  bills  at  the  same  time, 
all  of  the  same  tenor  and  date,  which  are  called  a  set  of  Exchange.  These 
are  transmitted  by  different  mails,  and  when  one  of  them  is  paid,  the 
others  are  of  no  force. 

In  drawing  the  Second  Bill,  write  my  first  and  third  not  paid. 

In  drawing  the  Third  Bill,  write  my  first  and  second  not  paid. 

The  incidents  to  which  bills  are  subject  are:  Endorsement,  Accept- 
ance, Payment  and  Protest. 

Note. — Foi'eign  Bills  of  Exchange. — It  seems  extremely  doubtful  at 
what  period,  or  by  whom.  Foreign  Bills  of  Exchange  were  first  in- 
vented. The  elementary  writers  on  the  subject  differ.  It  is  said  by 
Pothier,  that  there  is  no  vestige  among  the  Romans  of  Bills  of  Exchange, 
or  of  any  contract  of  exchange ;  for,  though  it  appears  that  Cicero  di- 
rected one  of  his  friends  at  Rome,  who  had  money  to  receive  at  Athens, 
to  cause  it  to  be  paid  to  his  son  at  that  place,  and  that  friend  accordingly 
wrote  to  one  of  his  debtors  at  Athens,  and  ordered  him  to  pay  a  sum 
of  money  to  Cicero's  son,  yet  it  is  observed  that  this  mode  amounted  to 
nothing  more  than  a  mere  order,  or  mandate,  and  was  not  that  species  of 
pecuniary  negociation  which  is  carried  on  through  the  medium  of  a  Bill 
of  Exchange  j  nor  docs  it  appear  that  the  commerce  of  the  Romans  was 
carried  on  by  means  of  this  instrument ;  for  we  find  by  one  of  their  laws, 

96 


LECTURES. 

that  a  person  lending  money  to  a  merchant  who  navigated  the  seas, 
was  under  the  necessity  of  sending  one  of  his  slaves  to  receive  of  his 
debtors  the  sum  lent,  when  the  debtor  arrived  at  his  destined  port,  which 
would  certainly  have  been  unnecessary,  if  commerce,  through  the 
medium  of  Bills  of  Exchange,  had  been  in  use  with  them.  Most  of  our 
modern  writers  have  asserted  (probably  on  the  authority  of  Montesquieu), 
that  these  instruments  were  invented  and  brought  into  general  use  by  the 
Jews  and  Lombards  when  banished  for  their  usury,  in  order,  with  the 
secrecy  necessary  to  prevent  confiscation,  to  draw  their  effects  out  of  France 
and  England,  to  those  countries  in  which  they  had  chosen,  or  been  com- 
pelled to  reside.  But  Mr.  Justice  Blackstone  says,  this  opinion  is  erroneous, 
because  the  Jews  were  banished  out  of  Guienne  in  the  year  1287,  and  out 
of  England  in  the  year  1290;  and  in  the  year  1236  the  use  of  paper  credit 
was  introduced  into  the  Mogul  empire  in  China.  Other  authors  have 
attributed  the  invention  to  the  Florentines,  when,  being  driven  out  of 
their  country  by  the  faction  of  the  Gebehngs,  they  established  themselves 
at  Lyons  and  other  towns.  On  the  whole,  however,  there  is  no  certainty 
on  the  subject,  though  it  seems  clear.  Foreign  Bills  were  in  use  in  the 
fourteenth  century,  as  appears  from  a  Venilian  law  of  that  period ;  and 
an  inference  drawn  from  the  statute  5  Rich.  2  st.  1,  2,  warrants  the  con- 
clusion, that  Foreign  Bills  were  introduced  (into  England)  previously  to 
the  year  1381. 

Q.  Suppose  you  received  from  on  board  the  Mermaid,  Rich, 
10  hhds.  Sugar,  consigned  to  you  by  L.  Lawson,  of  London, 
to  be  sold  for  your  account. 

The  amount  Invoice  is  £200  at  6  per  cent. 

£212  or $942.12 

Charges  thereon,     -        -        -         -       60.00 


$1,002.12 

Sold  the  above  Sugar,  for  cash,  before  you  had  entered  it, 
for  $250  per  hhd.,  $1,500.? 

A.  Cash  Dr.  to  Sundries,  $1,500. 

To  L.  Lawson,  for  the  amount  Invoice,       -     $1,002.12 
"    Profit  and  Loss,  for         -        -         -         -     497.88 
Q.  Suppose  you  sold  said  Sugar,  for  a  sum  less  than  the 
amount  Invoice .'' 

«6I.  Sundries  Dr.  to  L.  Lawson. 
Cash  for  the  sum  received. 
And  Profit  and  Loss,  for  the  loss. 
Q.  Suppose  you   received  from  on  board  the  George,  of 
Boston,  Anderson,  10  hhds.  Madeira  Wine,  the  advice  letter 

N  97 


LECTURES. 

t 

being  mislaid,  you  took  the  Wine,  to  be  sold  for  his  account, 
and  paid  charges  thereon,  $120.  After  making  your  proper 
entry,  you  discovered  the  advice  letter,  and  found  the  Wine 
was  to  be  sold  for  your  account,  and  that  the  amount  Invoice 
was  $1,400.? 

Q.  Suppose  you  had  received  Lawson's  merchandise  on  the 
wharf,  and  passed  your  note  for  the  charges,  and  as  they  were 
damaged,  you  sold  them  immediately  for  another  man's  note, 
equal  to  the  charges  .'* 

A.  Bills  Receivable  Dr.  to  Bills  Payable. 

And  afterwards,  L.  Lawson  Dr.  to  Commission. 


98 


LECTURE    VI. 


Q.  If  you  ship  to  London,  by  the  Columbia,  and  consign  to 
Lawrence  Lawson,  of  said  place,  to  be  sold  on  your  account, 
viz: — 

500  bbls.  Flour  from  your  Store,  at  $8  per  bbl.  $4,000 
And  pay  charges,  &c.,  in  Cash,       -        -         -       100? 
Jl.  Shipment  to  London  Dr.  to  Sundries,  $4,100. 

For  the  cost  and  charges  of  the  following,  per  the  Co- 
lumbia. 
To  Merchandise,  for  500  bbls.  Flour  from  Store,  $4,000 
"    Cash  paid  charges,  at  Shipping,         -         -         100 
Q.  What  will  be  L.  Lawson's  Journal  entry  when  he  receives 
said  flour  to  be  sold  on  your  account,  admitting  he  pays  the 
freight,  duties,  &c.  in  Cash,  $500  ? 

A.  J.  H.  S's  Consignment  Dr.  to  Cash,  $500. 
Q.  If  you  afterwards  receive  from  L.  Lawson,  London,  an 
account  sales  of  the  same  flour,  without  any  remittance  for  the 
net  proceeds,  $7,000? 

A.  L.  Lawson  Dr.  to  the  former  Shipment,  $7,000. 

For  net  proceeds,  per  account  sales  rendered  of  flour 
consigned  to  him  to  be  sold  on  my  account. 
Q.  How  would  Lawson  close  your  consignment,  sales  fin- 
ished, and  he  consign  you  a  net  return  in  Beef,  just  bought  for 
ready  money  ? 

Ji.  J.  H.  S''s  Consignment  Dr.  to  Sundries. 
To  Cash,  paid  for  Beef  and  charges. 
'*    Commission,  for  two  commissions. 
Qi  Suppose  said  Lawson  closed  your  consignment,  and  sent 
you  a  cargo  just  bought  for  ready  money  greater  than  the  net 
proceeds  ? 

99 


LECTURES. 

Ji.  Sundries  Dr.  to  Sundries. 

J.  H.  S's  Consignment  for  the  closing. 
Ditto  for  the  excess  shipped. 

Crs.  are, 
To  Cash  paid  for  Beef  and  charges. 
*'    Commission,  for  two  commissions. 
Q.  Suppose  said  Lawson  had  your  consignment  closed,  and 
sent  you  a  cargo,  in  Beef,  less  than  the  net  proceeds,  just  bought 
for  cash  ? 
A.  J.  H.  S's  Consignment  Dr.  to  Sundries. 
To  Cash  paid  for  the  Beef  and  charges. 
"    Commission,  for  two  commissions ;  that  is,  for  his 
commission  on  the  inward  cargo,  as  well  as  his 
commission  on  the  outward  bound  cargo. 
And  to  J.  H.  S.  for  the  deficiency. 
Q.  If  you  ship,  by  the  brig  Minerva,  to  Peter  Lamotte  &  Co., 
of  Havre,  by  their  orders  and  for  their  account, 

100  bales  South  Carolina  Cotton  from  Store, 
200  bbls.  Flour,  bought  of  J.  Bacon,  on  your  note, 
Pay  Charges,  in  Cash, 

Your  Commission  on  the  whole  at  2\  per  cent. 
^.  Peter  Lamotte  &  Co.  Dr.  to  Sundries. 

For  the  cost  and  charges  of  the  following,  by  the  Minerva : 
To  Merchandise,  for  100  bales  S.  C.  Cotton  from  Store. 
"    Bills  Payable  for  my  note,  passed  for  the  Flour. 
"    Cash,  paid  charges. 
"    Commission,  at  2\  per  cent. 
Q.  What  will  be  Peter  Lamotte  &  Co's  entry  on  receiving 
the  foregoing  invoice. 

And  paying  the  duties,  &c.  ? 
Ji.  Merchandise  Dr.  to  Sundries. 

To  J.  H.  S.  for  the  amount  of  invoice. 
"    Cash  paid  duties,  freight,  &c. 
Q.  What  would  Lawson's  Journal  entry  be,  if  he  sold  your 
consignment  for  a  sum  equal  to  the  charges  and  commission  ? 
Q.  And  your  entry  to  correspond  therewith  ? 
Q.  What  would  be  Lawson's  entry,  if  he  had  but  one-half 
your  consignment  sold,  and  ship  you  the  other  half  for  want  of 
sales } 

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LECTURES.     /^  /.  :    :  ^^';^  r^^  >. 

Q.  And  your  entry  to  correspond  therewith  ? 
Q.  If  you  buy  of  James  Lucas,  the  brig,  Patrick  Henry, 
for  $4,000,  and  pay  him  in  merchandise,  -         -        -    $2,000 

Pass  your  note  for 1,000 

And  owe  him  the  balance,       -         -         -         _       1,000 
Ji.  Brig  Patrick  Henry  Dr.  to  Sundries,  $4,000. 

To  Merchandise  sold  James  Lucas,  in  part,  $2,000 
"  Bills  Payable  for  my  note,  -  -  -  1,000 
"   James  Lucas  for  the  balance,        -        -  1,000 

Q.  What  will  be  James  Lucas'  Journal  entry  ? 
A.  Sundries  Dr.  to  brig  Patrick  Henry,  $4,000. 

Merchandise  for, $2,000 

Bills  Receivable  for  J.  H.  S's  note,     -         -  1,000 

And  J.  H.  S.  for  the  balance,  -         -         -       1,000 

Q.  Suppose  you  received  $1,000,  of  Robert  Oliver,  for  the 
freight  of  your  ship,  Patrick  Henry  ? 

A.  Cash  Dr.  to  ship  Patrick  Henry,  $1,000. 

Note. — As  the  ship  is  always  debited  for  her  cost  and  charges,  she 
must  likewise  be  credited  for  the  money  or  return  received  by  her. 

Q.  Suppose  L.  Lawson,  of  London,  had  sold  your  consign- 
ment,— part  for  Cash, 

Part  for  another  person's  note. 
Had  taken  up  his  note  with  part. 
Had  kept  part  for  the  use  of  his  own  house. 
Had  taken  part  to  his  own  store  to  sell. 
And  made  a  present  of  the  remainder  ? 
Ji.  Sundries  Dr.  to  J.  H.  S's  consignment. 
Cash,  for  the  part  sold. 
Bills  Receivable,  fo.  part. 
Bills  Payable,  for  my  note,  taken  up,  for  part, 
House  Expenses,  for  part  taken  for  the  use  of  my  house. 
Merchandise,  for  part  taken  for  the  use  of  my  store, 
And  Profit  &  Loss,  for  the  part  given  away,  or  bestowed. 
Q.  Suppose  the  cargo  you  shipped  L.  Lawson,  to  be  sold  on 
your  account,  was  lost,  after  making  your  proper  entry  ? 
A.  Profit  and  Loss  Dr.  to  the  former  shipment. 
Q.  But,  if  the  cargo  were  insured  by  the  Neptune  Insurance 
Company  ? 
A.  Neptune  Insurance  Company  Dr.  to  the  former  shipment 

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:::  ^::'-  '^   .:  r     :■  :\  "  ^-     lectures. 

Note. — It  is  evident  that  you  can  charge  the  Insurance  Company 
with  the  cargo  insured,  for  the  amount,  as  they  are  bound,  by  the  poHcy 
delivered  you,  to  cover  the  losses  sustained. 

Q.  If  L.  Lawson  advise  you  that  he  was  obliged  to  make 
abatement  on  your  consignment  ? 

A.  Make  the  account  of  shipment  if  open,  if  not 
Profit  and  Loss  Dr.  to  L.  Lawson. 

Q.  Suppose  you  shipped  merchandise  to  the  amount  of  $8,000, 
and  insured  them,  at  the  Neptune  Insurance  Company,  at  a  pre- 
mium of  6  per  cent.,  which  you  paid  } 

Jl.  Shipment  to  such  a  place,  naming  it.  Dr.  to  Cash,  $480. 

Q.  But  if  you  insure  the  Merchandise,  and  do  not  pay  the 
premium,  at  the  same  time } 

A.  Shipment  to ,  Dr.  to  Neptune  Insurance  Co.  $480. 

Q.  If  you  pay  the  premium  upon  the  safe  arrival  of  the  mer- 
chandise ? 

w3.  Neptune  Insurance  Company  Dr.  to  Cash,  $480. 

Q.  If  the  above  merchandise  that  was  insured,  by  the  Nep- 
tune Insurance  Company,  was  lost  ? 

A.  Neptune  Insurance  Company  Dr.  to  shipment  to , 

for  $8,000. 

Q.  If  the  merchandise  had  been  lost  at  sea,  and  not  insured  ^ 

Ji,  Profit  and  Loss  Dr.  to  shipment  to , 

For  your  loss,  $8,000. 

Q.  What  was  your  entry  when  you  received  an  account 
sales  from  L.  Lawson,  without  any  remittance  for  the  net 
proceeds } 

Jl.  L.  Lawson  Dr.  to  shipment  to  London. 

Q.  What  will  be  L.  Lawson's  Journal  entry  ? 

Q.  If  L.  Lawson,  of  London,  allow  an  abatement,  on  account, 
to  John  Ogden,  for  defect  on  your  merchandise  formerly  sold 
him? 

A.  J.  H.  S.  Dr.  to  J.  Ogden, 

For  abatement  made  the  latter. 

(J.  H.  S's  consignment  being  closed.) 

Q.  Suppose  your  consignment  were  not  closed,  Lawson's 
entry  in  that  case  will  be  ? 

Jl.  J.  H.  S's  consignment  Dr.  to  John  Ogden. 

Q.  If  said  Lawson,  of  London,  had  omitted  a  charge  of  $50, 

102 


LECTURES. 

paid  in  cash,  on  account  of  your  consignment,  (which  is  now 
closed)  ? 
Jl.  J.  H.  S.  Dr.  to  Cash,  $50. 
Q.  How  will  you  Journalize  the  Cash  Book. 
A,  1.  Cash  Dr.  to  Sundries,  viz : — 

To  the  different  accounts  which  appear  on  the  Dr.  side; 
specifying  from  whom,  for  what,  and  for  whose  ac- 
count received. 
2.  Sundries  Dr.  to  Cash,  viz: — 
For  all  sums  paid,  for  what,  and  for  whose  account. 

Note. — The  Cash  Book  may  be  balanced  either  daily,  weekly,  or 
monthly. 

Q.  What  will  be  your  Journal  entry,  if  you  pay  discount  on 
your  note,  and  also,  on  another  person's  note  ? 
A.  Profit  and  Loss  Dr.  to  Sundries,  viz: — 
To  Bills  Payable  for  disc't  pd.  on  my  note, 
"   Bills  Receivable,   ''       "   on  the  other  person's  note. 

BILL    TRANSACTIONS. 

Bills  Receivable  is  Dr.      -    -    -     for  all  bills  received. 
Bills  Payable  is  Cr.     -    -     -    -    for  all  bills  passed  or  drafts 
accepted. 

DISCOUNTING    BILLS. 

Method  First. — Sundries  Dr.  to  Bills  Receivable, 

Cash,  for  the  net  sum  of  note  received, 
Profit  and  Loss,  for  the  discount. 
Method  Second. — Cash  Dr.  to  Bills  Receivable, 
For  the  sum  of  the  Bill, 
And  then,  Profit  and  Loss  Dr.  to  Cash,  for  discount. 

BILLS    PAYABLE. 

Bills  Payable  is  Cr.  for  my  note,  or  obligations  given,  and 
Bills  Payable  is  Dr.  when  taken  up  and  paid. 

DRAWING   AND    REMITTING    BILLS. 

1.  A.  B.  (to  whom  remitted)  Dr.  to  C.  D.,  on  whom  drawn. 

2.  Bills  Receivable  Dr.  to  C.  D.  and  then 
A.  B.    -    -    -     Dr.  to  Bills  Receivable. 

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LECTURES. 

Note. — If  we  purchase  Bills  for  cash,  to  be  remitted,  we  enter  A.  B,, 
to  whom  remitted.  Dr.  to  Cash,  and  when  we  pay  away  or  endorse  a 
bill,  which  we  had  entered,  we  make  A.  B.,  (to  whom  paid  or  endorsed,) 
Dr.  to  Bills  Receivable. 

RENEWING    BILLS. 

First. — If  the  bill  be  in  our  own  hands. 
A.  B.  (the  acceptor)  Dr.  to  Sundries. 
To  Bills  Receivable,  for  the  amount  of  the  old  bill. 
To  Profit  and  Loss,  for  the  interest  added  to  the  new  bill. 

And  then 
Bills  Receivable,  Dr.  to  A.  B.  for  the  new  bill. 

Note. — These  Journal  entries  suppose  that  interest  is  allowed  for  the 
time  the  bill  is  renewed,  and  included  in  the  new  bill.  If  the  interest  be 
paid  in  Cash,  6nter  Cash  Dr.  to  Profit  and  Loss,  for  the  interest. 

Secondly. — If  the  bill  be  discounted  or  paid  away. 
A.  B.     -  Dr.  to  Cash,  when  you  pay  his  bill. 

A.  B.     -     -     Dr.  to  Profit  and  Loss,  for  interest. 
Then  Bills  Receivable  Dr.  to  A.  B.  for  the  new  bill. 

Note. — In  these  entries  we  have  supposed  that  interest  is  included  in 
the  new  bill  for  the  time  it  is  renewed,  as  is  usually  done. 

PROTESTING    BILLS. 

First. — If  the  bill  be  in  your  own  hands. 
A.  B.  (on  whose  account  it  was  received)  Dr.  to  Sundries. 
To  Bills  Receivable,  for  the  bill. 
"   Charges,  for  expenses  of  Protest. 

Secondly. — If  the  bill  be  discounted  or  paid  away. 
A.  B.     -     -     Dr.  to  Cash,  paid  his  bill  with  expenses, — or, 
A.  B.     -     -     Dr.  to  Sundries. 
To  C.  D.  (to  whom  the  bill  was  given)  for  the  amount  of  the 

bill,  with  expenses  paid  by  him. 
To  charges,  for  additional  expenses  paid  by  us. 

Note. — The  Bill  Book  exhibits  all  Notes  or  Bills  of  Exchange, 
whether  Receivable  or  Payable.  In  actual  business  they  are  commonly 
kept  in  the  same  book — with  the  word  Receivable  on  one  side  of  the 
cover,  and  the  word  Payable  on  the  other. 

When  Bills  Receivable,  or  other  obhgations  are  received  by  the  mer- 
chant, he  places  them  in  the  Bills  Receivable  book,  and  when  he  passes 
his  own  note  or  any  other  obligation,  he  enters  it  in  ihe  Bills  Payable 

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LECTURES. 

book,  specifying  particulars,  such  as  date,  drawer's  name,  when  due, 
&c.,  and  afterwards  records  the  entry  in  the  Day  Book. 

Note. — When  a  merchant  exports  merchandise  to  a  foreijgfn  market, 
on  his  own  account  and  risk,  it  is  called  an  adventure  or  shipment,  for- 
merly it  was  termed  voyage. 

When  you  ship  goods  on  your  own  account  and  risk,  enter 

Shipment  to  such  a  place ,  Dr.  to  Sundries. 

To  Merchandise  (if  already  entered,  or  to  whatever  con- 
sideration you  gave)  for  its  amount. 
To  Cash,  for  charges  at  shipping. 
When  you  ship  goods  to  be  sold  for  another  person's  account, 
enter 

Such  a  person  (naming  him)  Dr.  to  Sundries. 
To  Cash  for  charges  paid. 
"   Commission,  for  your  agency. 
"    Whatever  you  gave  them,  for  their  amount. 
When  you  become  agent,  and  have  merchandise  consigned 
to  5'ou,  by  your  employer,  and  received  it,  and  have  paid  $200 
charges  on  it,  in  all  cases  you  are  to  charge  the  consignment 
for  all  expenses  attending  it,  until  you  remit  the  net  proceeds : 
then  as  cash  is  to  be  credited  for  the  sum  paid,  so  is  your  em- 
ployer's consignment  to  be  debited  for  the  same. 
Your  employer's  consignment  Dr.  to  Cash,  for  $200. 
If  you  sold  a  part  of  your  employer's  consignment,  on  book 
account,  you  would  make  the  person  to  whom  you  sold  a  part 
Dr.  to  your  employer's  consignment.     As  you  received  nothing 
in  return  from  the  person  to  whom  you  sold   a  part  of  your 
employer's  consignment,  therefore   you   must  debit  him,  and 
credit  your  employer'^s  consigment  for  the  same  amount.    When 
your  employer's  consignment  is  closed,  and   you  send  him  an 
account  sales.     As  you  credited  your  employer's  consignment, 
so  now  you  have  to  debit  it  for  the  charges,  commission  and 
net  proceeds.     The  net  proceeds  is  found  by  subtracting  the 
charges  and  commission  from  the  gross  sales. 

QUESTIONS  FOR  EXERCISE. 

Q.  Can  any  thing  appear  on  the  credit  side  of  merchandise 
account  without  disposing  of  any  part  of  it  ? 

Q.  Suppose  in  the  account  of  cash  in  your  Ledger,  there 

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LECTURES. 

appear  a  balance  in  hand,  $1,000,  and  you  find  by  going  to 
your  chest,  $1,200. —  Query,  the  management  of  said  account? 

Q.  Can  you  keep  a  regular  set  of  books  without  any  of  the 
imaginary  accounts? 

Q.  How  will  you  close  Lawson's  consignment,  sales  finished, 
and  taken  away  by  robbers,  or  destroyed  by  fire? 

Q.  How  will  you  close  Lawson's  consignment,  sales  finished, 
one-half  the  net  proceeds  you  keep  at  interest  for  your  own 
account,  the  other  half  you  lend  Robert  Oliver,  on  Lawson's 
account  ? 

Q.  How  will  you  close  Lawson's  consignment,  sales  being 
finished,  the  net  proceeds  you  employ,  before  entry,  in  tobacco, 
which  you  ship  said  Lawson  for  his  account.  Query,  the  man- 
agement and  Journal  entry  ? 


106 


LECTURE    VII. 


What  will  be  your  Journal  entry — 

Q.  If  you  buy  at  auction,  for  your  note,  at  60  days,  $4,000 
worth  of  merchandise,  to  be  sold  on  the  joint  account  of  Charles 
Tiernan  and  yourself,  each  one-half? 
A.  Sundries  Dr.  to  Bills  Payable,  $4,000. 

C.  Tiernan,  for  his  half,         -         .         -         -     $2,000 

Merchandise  in  Co.  A,  for  my  half,     -         -  2,000 

Q.  What  would  be  Tiernan's  Journal  entry  ? 

Jl.  Adventure  in  Co.  A,  Dr.  to  J.  H.  S.,  for  his  half,  $2,000. 

Q.  What  would  be  C.  Tiernan's  entry,  if  he  purchased  the 

goods  for  cash,  $4,000  ? 

A.  Sundries  Dr.  to  Cash,  $4,000. 

Adventure  in  Co.  A,  for  my  half,   -         -         -     $2,000 
J.  H.  S.  for  his  half,  -         .         .         -  2,000 

Q.  If  you  receive  from  C.  Tiernan,  $1,000  worth  of  mer- 
chandise, to  be  sold  on  joint  account  .'* 

./3.  Merchandise  in  Co.  Dr.  to  C.  Tiernan. 
For  my  half  furnished  by  C.  Tiernan. 

Note. — You  don't  credit  C.  Tiernan  for  his  half  of  the  goods,  until 
they  are  sold. 

Q.  Suppose  you  and  C.  Tiernan  purchase  $5,000  worth  of 
goods  for  cash,  on  your  joint  account,  and  each  pay  his  own 
half  in  cash } 

A.  Merchandise  in  Co.  A,  Dr.  to  Cash,  $2,500 

For  your  half. 
Q.  What  would  be  Tiernan's  entry .? 
A.  Adventure  in  Co.  A,  Dr.  to  Cash,  $2,500 

For  his  half 
Q.  If  you  and   Tiernan   purchase   goods  to  the  amount  of 

107 


LECTURES. 

$1,000,  oil  your  joint  account,  and  C.  Tiernan  pay  $400,  and 
you  pay  the  balance  in  cash,  $600? 
v3.  Sundries  Dr.  to  Cash,  $600. 

Merchandise  in  Co.  A,  for  my  half,  -        -     $500 

C.  Tiernan,  for 100 

Q.  What  will  be  Tiernan's  Journal  entry  ? 

A,  Adventure  in  Co.  A,  Dr.  to  Sundries,  $500. 

To  Cash,  for  the  sunn  paid,       -         -         -         -     $400 
"   J.  H.  S.,  for  his  advance,         -         -         -  100 

Q.  If  you  receive  from  C.  Tiernan,  to  be  sold  on  joint  ac- 
count, merchandise  to  the  amount  of  $400,  and  you  put  in  from 
store  $200  worth,  in  all  $600.? 

JL  Merchandise  in  Co.  A,  Dr.  to  Sundries,  $300. 

To  Merchandise  for  what  I  put  into  the  concern,     $200 
"   C.  Tiernan,  for  his  advance,     -         -         -  100 

Q.  What  will  be  C.  Tiernan's  entry .'' 
Ji.  Sundries  Dr.  to  Merchandise,  $400. 

Adventure  in  Co.  A,  for  his  half,       -         -         -     $300 

J.  II.  S.,  for  his  advance  for  him,  -         -  100 

Q.  If  you   receive   by  the  ship  Herald,  from   L.   Lavvson, 

London,  on  credit,  a  quantity  of  hardware,  to  be  sold  on  joint 

account  of  C.  Tiernan  and  yourself.     Invoice  being  $4,000.? 

A.  Sundries  Dr.  to  L.  Lawson,  of  London,  $4,000. 

Merchandise  in  Co.  A,  for  my  half,         -         -     $2,000 
C.  Tiernan,  for  his  half,     -         -        -        -  2,000 

Q.  What  will  be  Tiernan's  entry,  when  you  furnish  him  with 
a  copy  of  the  invoice } 

Ji.  Adventure  in  Co.  A,  Dr.  to  J.  H.  S.,  for  $2,000 

For  his  half  of  the  amount  invoice. 
Q.  If  you  ship  by  the  brig  Minerva,  to  Boston,  and  consign 
to  William  Boggs,  to  be  sold  on  account  Co.  A,  500  bbls.  flour, 

from  store,  at  $8, $4,000 

And  pay  shipping  expenses  in  cash,      -         -  200 

Charge  2 J  per  cent,  commission  on  the  whole,  105 

JI.  Sundries  Dr.  to  Sundries,  $4,305. 

For  amount  invoice,  per  brig  Minerva,  consigned  to  W. 

Boggs. 
Shipment  to  Boston,  Co.  A,  for  my  half,     -     $2,152.50 
.,   ,,C.  Tiernan,  for  his  half,        -         -         -  2,152.50 

108 


LFXTUUES. 

The  Crs.  are: 
To  Mercliandise,  for  500  bbls.  flour  from  store,     $4,000 
"   Cash  paid  shipping  expenses,        -         -         -     200 
"    Commission  on  the  whole,  at  2|  per  cent.  105 

Q.  What  will  be  Tiernan's  Journal  entry,  when  he  receives 
an  invoice  of  the  above  ? 
A.  Adventure  in  Co.  A,  Dr.  to  J.  H.  S.,  for  $2,152.50 
Q.  If  you  receive  from  William  Boggs,  of  Boston,  an  ac- 
count sales  of  the  flour  shipped  him  on  account  Co.  A,  and  his 
draft  on  Shaw,  Tiffany  &  Co.  at  30  days  sight,  which  is  accepted 
by  them  for  the  net  proceeds? 

Jl.  Bills  Receivable  Dr.  to  Sundries,  $3,000. 

To  Shipment  to  Boston,  Co.  A,  for  my  half,    -     $1,500 
"    Charles  Tiernan,  for  his  half,        -         -  1,500 

Q.  What  will  be  C.  Tiernan's  entry  when  you  furnish  him 
with  a  copy  of  the  account  sales } 
A.  J.  H.  S.  Dr.  to  Adventure  in  Co.  A,  for  $1,500. 

Note. — Accounts  in  which  other  persons  are  concerned,  are  closed 
by  an  entry  on  the  Day  Book,  referring,  at  the  same  time,  to  the  Ledger 
for  particulars. 

A  joint  adventure  is  a  speculation  between  two  or  more  persons,  either 
to  export  or  import  merchandise,  on  certain  conditions,  by  which  they 
consent  to  divide  equally  the  profits  and  losses,  in  proportion  to  the 
share  each  individual  has  in  the  adventure. 

Company  Concerns. — The  private  account  of  each  partner  exhibits, 
on  the  Dr.  side,  the  cash  or  merchandise  which  he  takes  from  the  firm. 
It  is  closed  by  stock,  the  amount  of  which,  at  every  general  balance,  is 
carried  to  the  Dr.  side  of  the  stock  account.  This  account  shows  on  the 
credit  side  the  amdunt  of  the  company's  capital,  with  the  gain;  and  on 
the  Dr.  side  the  amount  of  their  debts  at  the  commencement  of  business, 
with  the  loss,  if  that  exceed  the  gain,  with  the  amount  of  each  partner's 
private  account  carried  to  it,  at  every  general  balance ;  consequently  the 
difference  will  give  the  amount  of  the  company's  present  capital. 

Q.  How  will  you  close  Merchandise  in  Co.  A,  all  sold  and  a 
gain,  and  furnished  your  partner  with  an  account  sales.? 

Q.  How  will  you  close  Merchandise  in  Co.  A,  all  sold  and  a 
loss,  and  furnished  your  partner  with  an  account  sales } 

Q.  How  will  you  close  Merchandise  in  Co.  A,  half  sold  and 
a  gain,  and  furnished  your  partner  with  an  account  sales .'' 

Q.  How  will  you  close  Merchandise  in  Co.  A,  half  sold  and 
a  loss,  and  furnished  your  partner  with  an  account  sales.'* 

109 


LECTURES. 

Q.  How  will  you  close  Merchandise  in  Co.  A,  all  sold  equal 
to  half  the  prime  and  after  charges,  and  half  the  commission  ? 

Q.  Suppose  you  receive  from  L.  Lawson,  London,  to  sell  on 
the  joint  account  of  said  Lawson,  William  Magruder,  Madrid, 
and  yourself,  ^6,000  worth  of  merchandise  ? 

Ji.  Merchandise  in  Co.  B,  Dr.  to  L.  Lawson,  $2,000. 
For  my  one-third  of  the  amount  invoice. 

Note. — This  being  a  new,  or  second  concern,  it  goes  under  the  appel- 
lation of  Co.  B,  to  distinguish  it  from  Merchandise  in  Co.  A,  carried  on 
by  J.  H.  S.  and  C.  Tiernan^  in  the  preceding  part  of  this  lecture. 

Q.  If  you  pass  your  bond,  at  six  months,  at  the  custom  house, 
for  duties  on  the  same  merchandise,  for  $500,  and  pay  cash,  as 
charges,  $10. 

A.  Merchandise  in  Co.  B,  Dr.  to  Sundries,  $510. 

To  Bills  Payable  for  my  bond,  -         -         -     $500 

"   Cash  paid  charges,  -        -         -         -  10 

Q.  Suppose  you  sold  for  cash,  to  Shaw  &  Tiffany  on  account 
of  Co.  B,  $800  worth  of  merchandise } 

A.  Cash  Dr.  to  Merchandise  in  Co.  B,  $800. 
Q.  Suppose  you  sell  to  Walter  Farnandis,  on  his  note,  at  60 
days,  the  remainder  of  merchandise  in  Co.  B,  for  $7,200? 
J.  Bills  Receivable  Dr.  to  Merchandise  in  Co.  B,  $7,200. 
Q.  Close  Merchandise  in  Co.  B,  and  transmit  to  each  partner 
an  account  sales,  the  total   sales   being  $8,000,  suppose   the 
charges  were  already  posted,  $510. 

Your  commission  on  $8,000,  at  2|  per  cent.        -     $200 
L.  Lawson's  third  net  proceeds  is,  -         -         2,430 

Wm.  Magruder's  third  is,  -         -         -         _    2,430 

Your  third  is  ^'^SOj    ^^^^^^  ^3^ 

"       "     first  cost  is,      2,000  3 
A.  Merchandise  in  Co.  B,  Dr.  to  Sundries,  $5,490. 

To  Commission  on  $8,000,  at  2i  per  cent.         -     $200 

"   L.  Lawson,  for  his  one-third  net  proceeds,        2,430 

"    Wm.  Magruder,    "  "  2,430 

"   Profit  and  Loss,  for  my  net  gain,  -         -       430 

Q.  What  will  be  L.  Lawson's  entry,  when  he  receives  from 

you  an  account  sales,  without  any  remittance  for  his  third  net 

proceeds  ? 

A.  J.  H.  S.  Dr.  to  Shipment  to  Baltimore,  in  Co.  B,  $2,430. 

110 


LECTURES. 

Q.  What  will  be  Wm.  Magruder's  entry  ? 
Jl.  J.  H.  S.  Dr.  to  Shipment  from  London  to  Baltimore  in 
Co.  B,  for  $2,430. 

Q.  If  you  ship  by  the  Great  Western,  for  London,  to  L. 
Lawson,  to  be  sold  for  account  Co.  B, 

Merchandise  to  the  amount  of     -         -         -     $7,240.00 
Paid  insurance  and  shipping  expenses,  in  cash,        136.00 
Your  commission  on  the  whole,  at  2|  per  cent.,      184.40 
L.  Lawson's  one-third  is     $2,520.13  ^ 
Wm.  Magruder's  "       "       2,520.13  V  $7,560.40 
My  one-third  "       2,520.13  3 

Ji.  Sundries  Dr.  to  Sundries,  $7,560.40. 

For  amount  invoice  per  the  Great  Western,  consigned  to 

L.  Lawson. 
L.  Lawson,  for  his  one-third,     -        -         -     ^2,520.13 
Wm.  Magruder  "         "        -         -         -  2,520.13 

Shipment  to  London,  in  Co.  B,  for  my  one-third,  2,520.13 

Crs.  are. 

To  Merchandise,  if  already  entered,  -     $7,240.00 

"   Cash  paid  Insurance,  &c.  -        _        -     136.00 

"    Commission  on  the  whole     -         -         -  184.40 

Q.  What  will  be  L.  Lawson's  Journal  entry  when  he  receives 

the  merchandise,  to  be  sold  for  Co.  B,  his  one-third  invoice 

being,  $2,520.13.? 

A.  Merchandise  in  Co.  B,  Dr.  to  J.  H.  S.,  for  $2,520.13. 
Q.  What  will  be  Magruder's  entry,  w^hen  he  receives  from 
you  a  copy  of  the  invoice  of  the  merchandise  shipped  Lawson } 
A.  Shipment  from  Baltimore  to  London  in  Co.  B,  Dr.  to 
J.  H.  S.,  $2,520.13. 

Q.  Suppose  Lawson  send  you  an  account  sales  of  the  mer- 
chandise consigned  to  him  for  account  Co.  B,  and  his  bill  of 
exchange,  at  sight,  on  John  White,  for  your  third  net  proceeds, 
$3,000.? 

A.  Cash  Dr.  to  Shipment  to  London,  in  Co.  B,  $3,000. 
Q.  Bought  for  account  Co.  B,  30  hhds.  N.  O.  Sugar,  at  $60 
per  hhd.     Paid  charges  thereon,  $12. 

Sold  for  account  of  said  Co.,  said  Sugar,  at  $70  per  hhd. 
Close  Sugar  in  Co.  B,  all  sold  and  a  gain,  the  sales  being  $2,100; 
L.  Lawson,  Wm.  Magruder  and  yourself  having  each  one-third  .? 

Ill 


LECTURES. 

Q.  How  will  you  close  merchandise  in  Co.  B,  all  sold  and  a 
loss,  and  furnished  each  partner  with  an  account  sales.  The 
sales  being  ^4,200? 

Q.  What  will  be  Lawson's  Journal  entry,  should  he  receive 
from  you  an  account  sales,  without  any  remittance  ?  Also 
Magruder's  ? 

Q.  How  will  you  close  merchandise  in  Co.  B,  one-half  sold 
and  a  gain,  and  furnished  each  partner  with  an  account  sales  ? 

Q.  How  will  you  close  merchandise  in  Co.  B,  one-half  sold 
and  a  loss,  and  furnished  each  partner  with  an  account  sales  ? 

Q.  How  will  you  close  merchandise  in  Co.  B,  all  sold  equal 
to  the  prime  charges  and  commission  ? 


112 


A  SERIES  OF  COMMERCIAL  FORMS. 


A  RECEIPT  FOR  MONEY  RECEIVED  ON  ACCOUNT. 

Received,  Baltimore,  January  8,  1844,  from  Keating  Rawson, 
Jifty  dollars,  on  account. 

$50.00  A.  B. 


A  RECEIPT  FOR  MONEY  IN  FULL. 

Baltimore,  January  9,  1844. 
Received  from  James  Lucas,  the  sum  of  one  hundred  and  twenty 
dollars  and  Jifty  cents,  in  full. 

$120.50  A.  B. 


FOR  RENT. 

Received,  Baltimore,  January  17,  1844,  of  A.  B.,  two  hundred  and 
fifty  dollars,  in  full  for  rent  and  all  arrearages  on  property  in  Paca  street, 
up  to  the  20th  ultimo. 

$250.00  For  Timothy  Kelly, 

C.  D.,  ^gent. 


FOR  A  LEGACY. 

Received,  Baltimore,  January  29, 1844,  from  Thomas  Gough,  Esq,., 
executor  of  the  last  will  and  testament  of  William  Crawford,  deceased, 
the  sum'of  one  thousand  dollars,  in  full  of  a  legacy  bequeathed  to  me  in 
and  by  the  last  will  and  testament  of  the  said  William  Crawford, 
deceased. 

$1,000.  A.  B. 


ON  A  MORTGAGE. 


Received,  Baltimore,  February  9,  1844,  of  G.  H.,  three  hundred  and 
seventy  dollars,  agreed  to  be  in  full  for  principal  and  interest  of  the  second 
payment  mentioned  in  a  bond  and  mortgage,  I  hold  against  him  of  lot 

No. ,  situated  in  Saratoga  street,  Baltimore. 

$370.00  A.  B. 

p  113 


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A    BILL    OF   PARCELS, 


Mr.  JOHN  FOX3 


Baltimore,  March  5,  1844. 


Bmght  of  MARTIN  LEWIS. 


10  yards  Super  Black  Cloth,  at  $7  00,  -        -        -        -        -      $70  00 

16      "    Irish  Linen,             "     1  00,  -        -        -        -        -    16  00 

20     "         do.       '              "        75,  -----        15  00 

(At  3  mcmths.)  $101  00 


Baltimore,  August  16,  1844. 
Messrs.  JOHN  SIMMS  &  Co. 

Bmght  of  J.  H.  SHEA. 


10 

quarter  casks 

Sicily  Madeira  Wine,  gauging  as  follows,  viz 

29 

301 

28^ 

29^ 

271 

281 

291 

29 

27 

i    27^ 

286^  galls,  at  80  cts.    - 

10 

hhds.jy.  0.  Molasses: 

90    3 

111    7 

115  19 

112  10 

124    7 

126    6 

122    6 

132    4 

128    9 

144    6 

\,\27  galls,  at  30  cts.   - 

-    $229  20 


338  10 


$567  30 
22  per  cent,  off,        -        -        14  18 


$553  12 


Received  Payment  in  full. 

For  J.  H.  S., 

116 


L.    O.    MiLLESS. 


COMMERCIAL     FORMS. 

A  GENERAL  ACCOUNT  AND  ACKNOWLEDGMENT. 

Baltimore. 
Mr.  JOHN  FOX, 
1844.  To  MARTIN  LEWIS,  Dr. 

March  5. —  To  Merchandise — Bill  at  3  months,  as  per  account 

rendered,   -        -        -        -        -        -        -        $101  00 


"    26. — By  your  acceptance  of  my  draft  at  3  montla,        -  101  00 

For  Martin  Lewis, 

William  Brown. 

PROMISSORY   NOTES. 

$200.00  Baltimore,  March  28,  1844. 

Thirty  days  after  date,  I  promise  to  pay  WM.  G.  STORK, 
or  order.  Two  Hundred  Dollars,  for  value  received. 

S.  O.  Love. 

$200.00  Philadelphia,  March  28,  1844. 

Thirty  days  after  date,  I  promise  to  pay  JOHN  F.  KING, 
or  order,  Tivo  Hundred  Dollars,  without  defalcation,  for  value  received. 

Joseph  Newell. 

Note — The  words  "without  defalcation,"  are  used  in  all  promissory  notes  drawn  in  the 
state  of  Pennsylvania. 

A   JOINT   NOTE. 

$230.00  Baltimore,  ^pril  4,  1844. 

Sixty  days  after  date,  we  jointly  and  severally  promise  to  pay 
WM.  FOXCROFT,  m-  order.  Two  Hundred  and  Thirty  Dollars,  far 
value  received.  John  H.  Young. 

L.   O.   MiLLESS. 
RECEIPT   FOR  A   NOTE. 

Baltimore,  March  30,  1844. 
Received  of  S.  O.  LOVE,  his  note,  at  thirty  days,  for  Two  Hun- 
dred Dollars,  dated  28th  inst. 

$200.00  Wm.  G.  Stork. 

TWO    FORMS   OF    DUE    BILLS. 

1.  Baltimore,  April  16,  1844. 

Due  Richard  Cotter,  or  bearer,  Thventy  Dollars  and  Fifty 
Cents,  value  received. 

$20.50  Socrates  Smith. 

2.  Baltimore,  April  16,  1844. 

Due  David  Ring,  or  order.  Sixty  Dollars  and  Thirty  Cents, 
value  received. 

$60.30  John  Carroll. 

in 


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F.,  paid  January  1, 
1'839,  for 

"  Cash  paid  your  do. 
at  sight,  favor  G.H. 
&  Co.  this  day, 

'•  Do.  paid  your  draft, 
this  day, 

"  Our  acceptance  of 
your  draft  at  ten 
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April, 

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I21i 


COMMERCIAL     FORMS. 


FORM   OF   A    CHECK. 

No.  5. 

UNION   BANK  OF  HARYLAND, 

"^^^j,  n 

M4,y  €0     SMITH,    BROWN    &    Co.     ^P  SBcazc^, 

•>^^rs 

&w-a     (SMouitanc/    anc^     (2/eue?tfy  - -/ci/e^      ^ot/azd, 

j0ieiLw^ 

JONES,  THOMPSON    &   Co. 

FORM  OF  A   BILL   OF   LADING. 


0l)ippcb  in  good  order  and  condition,  by  JOHN  H.  SHEA, 
on  board  ike  good  Brig,  Gen.  Pinckney,  whereof 
BENJAMIN  FORD  is  Master  for  the  present  voyage, 
now  lying  in  the  port  of  Baltimore,  and  bound  for 
Charleston,  S.  C.     To  say : 


< 


s  ' 


uy?^  (S/AoiMci/ic/   ^^azte/d  o/  (^/owf^ . 


Being  marked  and  numbered  as  in  the  margin,  and  are 
to  be  delivered  in  the  like  good  order  and  condition,  at  the 
aforesaid  port  of  Charleston,  {the  dangers  of  the  seas 
only  excepted,)  unto  Messrs,  jas.  adger  &  Co.  or  to  their 
assigns,  they  paying  freight  for  the  same  at  the  rate  of 

Thirty  Cents  per  Barrel,  with  pei'  cent,  primage 

and  average  accustomed. 

^n  Witncsa  W\)ext0fi  the  master  of  said  vessel 

hath  affirmed  to  three  Bills  of  Lading,  all  of  this  tenoi- 

and  date;  one  of  which  being  accomplished,  tJie  others  to 

stand  void. 

Dated  in  Bai^ttmore,  this  fifth  day  of  August,  1844. 

benjamin  ford. 

122 


COMMERCIAL    FORMS. 
FORM    OP   AN   INVOICE. 


INVOICE  of  1,000  BARRELS  Flour,  shipped  on  hoard  the.  Brig,  Gen. 
Pinckney,  Ford, /or  Charleston,  and  consigned  to  Messrs.  James  Adger 
&.  Co.,  Merchants,  there,  on  my  account. 


< 


^ 


\/ 


/ 


1000  bbls.  Howard  st.  Superfine  Flour,  at  $5  p.  bbl. 

C  H ARGES  . 

To  Cash,  paid  Drayage, $31  25 

"      "        "     Wharfage  and  Lining, 46  00 

"      "        "    Insurance  on  Invoice,  valued 

at  ^5,500,  at  |  per  cent. 

premium,  and  policy,  $l,A2  25 


Errors  excepted. 
Baltimore,  August  5th,  1844. 


#5,000 


118 


#5,118 


00 


50 


50 


JOHN  H.  SHEA. 


FORM  OF  AN  ACCOUNT  SALES. 


SALES  of  100  BAGS  Rio  Coffee,  received  per  Brig  Louisa,  from  Bal~ 
timwe,  on  account  of  S.  G.  Richardson,  Merchant,  there. 


PURCHASERS. 


NET  WEIGHT. 


1844.    I 
Mar.  28  !  Farrar  &  Robinson, 
«      "     Taylor  &  Cannaday, 
"      "    John  C.  Jeannerett, 


10  days 
do. 
do. 


10,100  lbs. 
3,982  " 
1,544  " 


12cts 
12  " 
12  " 


$1,212  00 

477  84 
185  28 


100 

CHARGES. 


15,626  lbs. 


$1,875  12 


To  Cash,  paid  Freight,  as  per  Bill  of  Lading,..  .$30  00 

"   Wharfage, 4  00 

"  Drayage  and  Weighing, 6  62 

"  Advertising, 3  90 

*«  Commission,  at  6  per  cent 93  75 


138  27 


Net  proceeds  at  the  Cr.  of  S.  G.  Richardson 
Errors  excepted. 

Charleston,  28th  March,  1844. 

123 


$1,736  85 
HIGHAM,  FIFE  &  Co. 


PART   IV. 


USEFUL   CALCULATIONS. 


FOUR  MODES  OF  ADDING  UP  ACCOUNTS. 


The  following  methods  of  fooling  or  adding  up  accounts  are  pursued 
in  well  regulated  counting  houses: 


FIRST   METHOD. 

SECOND    METHOD. 

THIRD    METHOD. 

FOURTH   METHOD. 

$46,784  29 

4 

4 

44 

36 

34,568  34 

3 

3 

29 

33 

67,842  45 

3 

2 

29 

38 

68,432  68 

3 

1 

28 

28 

71,324  59 

4 

1 

38 

29 

46,835  43 

3 

7 

33 

29 

61,324  56 

3     9 

36 

44 

$397,112  34 

$397,112  34 

$397,112  34 

3,433  34 

The^rs^  method  is  performed  thus: — 6  and  3  are  9,  9  and  9  are  18, 
and  8  are  26,  and  5  are  31,  and  4  are  35,  and  9  are  44,  put  down  4,  and 
place  4  underneath,  the  number  to  be  carried,  and  proceed  as  above. 

The  second  method  is  performed  thus : — 6  and  3  are  9,  9  and  9  are  18, 
and  8  are  26,  and  5  are  31 ,  and  4  are  35,  and  9  are  44,  put  down  44  in 
full,  and  carry  4  to  the  next  column ;  4  and  5  are  9,  and  4  are  13,  and  5 
are  18,  and  6  are  24,  and  4  are  28,  and  3  are  31,  and  2  are  33,  which 
sum  place  under  44,  and  so  on,  until  the  entire  sum  is  added,  then  cut 
off  the  figures  on  the  left  hand  side,  except  the  bottom  figures  and  those 
on  the  right. 

In  the  third  method,  you  add  up  each  column  and  carry  nothing,  when 
the  entire  sum  is  added  in  this  way,  then  add  and  carry,  and  the  result 
will  be  the  same  as  above.  The  third  method  is  performed  by  adding 
each  column  from  the  right  hand  to  the  left,  and  the  fourth  method  by 
adding  from  the  left  to  the  right. 

124 


USEFUL    CALCULATIONS. 

The  following  general  rule  for  finding  the  number  of  days  in  each 
month  of  the  year,  is  herein  annexed,  in  order  that  the  learner  may  be 
enabled  to  ascertain  when  a  note  will  become  due  in  bank. 

Rule. — ^The  mqnths  of  September,  April,  June  and  November,  have 
30  days  each,  the  rest  have  31,  except  February  which  has  28,  in  leap 
years  29. 

Example. — Bought  goods  on  the  21st  March,  on  my  note,  at  60  days, 
at  what  time  will  it  fall  due  ? 

Unexpired  time  March  10 
April  30 

20 

60  —  40=  /23  May. 

Another  Example. — Sold  merchandise  on  the  27th  May,  and  received 
the  purchaser's  note,  at  90  days,  when  will  it  become  due  7  ;  •; 

Unexpired  time  May    4  if'-f' 

June  30  V^ 

July  31 

90  .—  65  ==    /as  August. 

Illustration. — Ascertain  the  unexpired  time  in  the  month  of  purchase, 
add  the  number  of  days  in  the  following  month,  if  for  60  days,  or  the 
two  following  months,  if  for  90,  and  subtract  this  number  from  the  credit 
given,  then,  the  remainder  with  the  days  of  grace  added,  will  be  that 
day  of  the  subsequent  month,  when  either  will  become  due. 

Note.  —  stands  for  less. 
=      "       "   equal. 

INTEREST    OR    DISCOUNT. 

It  is  usual  for  merchants  and  banking  institutions  to  compute  the 
months  of  the  year  at  30  days  each.  The  most  speedy  plan  of  calculat- 
ing interest  is  by  a  divisor  resulting  from  the  interest  of  one  dollar,  at  the 
given  or  proposed  rate. 

For  Example. — At  5  per  cent,  per  annum. 

As  100  :  5  :  :  1  :  ^V>  and  as  360  :  ^V  :  •  i  ^  tAtt*  ^he  divisor  of  5  per 
cent. 

By  pursuing  this  plan,  divisors  may  be  found  for  any  other  rate  of 
interest,  or  by  having  one  divisor,  any  other  may  be  known  by  inverse 
proportion : 

Fm-  Example. — As  5  :  7200  :  :  6  :  6000,  the  divisor  for  6  per  cent. 

The  greater  the  rate  the  less  must  be  the  divisor,  and  vice  versa. 
Hence  the  reason  of  inverse  proportion. 

Note. — The  divisor  for  365  days  at  5  per  cent,  will  be  7300,  and  at  6  per 
cent.  6083,  and  a  trifling  fraction,  which  is  rejected. 

125 


USEFUL    CALCULATIONS. 

What  will  be  the  interest  or  discount  on  a  note  of  $1,250,  drawn 
at  60  days  after  date,  at  6  per  cent.? 

Banks  generally  advance  cash  for  64  days,  including  those  of  grace.* 
$1250  I  Or  by  Practice, 

64*  1250 


5000 
7500 


6|000)  810000 


13.33i 


1  per  cent,  for  60  days,        12.50 
4  days  are  yy  (of  60  days)      83' 


13.33^ 


A  general  rule  for  calculating  interest,  at  6  per  cent,  per  annum  for 
any  number  of  years,  months  and  days. 

Bring  the  years  and  months  to  months,  take  one-sixth  of  the  days, 
which  annex  to  half  of  the  months,  multiply  that  number  by  the  prin- 
cipal, and  point  out  three  decimal  places  in  the  product,  one  for  mills 
and  two  for  cents,  which  will  give  the  correct  answer. 

Find  the  interest  of  $400,  for  3  years,  8  months  and  18  days? 

Years.   Months.     Days. 

$400  for      3  8      6)18 

12  — 

—  3 
2)44 


223 
400 


89.20.0 

Find  the  interest  of  $850,  for  9  years,  9  months  and  27  daysl 

Years.    Months 

Days. 

$850  for      9        9 

6)27 

12 

4h 

2)117 

58.5 

Ah 

5891 

850 

• 

29450 

4712 

425 

501.07.5 
126 


USEFUL    CALCULATIONS. 

Find  the  interest  of  $196,  for  5  years  and  9  months  ? 

Or  thus : 


Years. 

$196  for      5 
345           12 

Months. 
9 

$196  for 
69 

Years. 

5 
12 

Months. 
9 

980 

784 
588 

2)69 
34.5 

1764 
1176 

69 

2)13524 

tfvr  fi9  n 

$67.62 


Find  the  interest  of  $2860.52  cts.,  for  2  years,  9  months  and  11  days? 

Years.    Months.     Days. 

$2860.52  for      2        9      6)11 


If 


1716312  2)33 

1716312  

286052  16.5 

238376!  If 


477.23.0.081  I66f 

Find  the  interest  of  46  cents,  for  12  years,  9  months  and  9  days  ? 


Cents.        Years.    Months. 

Days. 

46  for    12        9 

6)9 

12 

11 

2)153 

76.5 

U 

766^ 

46 

4596 

3064 

23 

Cents  35.2.59 

127 

USEFUL    CALCULATIONS. 


Find  the  interest  of  $675,  for  75  days 

Days. 

$675  for  6  )  75 

12^  

12i 

8100 
337  i 


8.43.7i 


Another  Example. 

Days. 

$564  for  6  )  72 

12  

_ 12 

6.76.8 


*  Rule  for  finding  the  interest  of  any  sum  of  money  for  any  number  of 
days,  at  any  rate  per  cent.,  allowing  365  days  to  the  year. 

Multiply  274  by  the  principal,  that  sum  by  the  number  of  days,  and 
the  result  by  the  rate  per  cent.,  and  from  the  product,  cut  off  five  figures 
from  the  right  hand,  those  on  the  left  will  be  the  interest  in  cents. 

Required  the  interest  of  $126,  for  175  days,  at  6  per  cent.? 


Or  thus : 

$126 
6 

Days.       Days. 

If  365  — 756—  175 
175 

3780 
5292 
756 


365)  132300  (362iH 


$126 
274 

504 
882 
252 

34524 
175 

172620 
241668 
34524 

6041700 
6 

$3.62|50200 

*  The  preceding  rule  is  found  thus  :— Find  the  interest  of  one  dollar  for  one 
day  at  one  per  cent,  per  annum.  The  interest  of  $1,  for  one  year,  being  $.01, 
or  1  cent,  we  have  1  cent  -r-  365  =  .00274  the  interest  of  $1  for  one  day  in 
cents;  therefore  to  find  the  interest  of  any  sum  in  cents,  at  one  per  cent,  per 
annum  for  one  day,  multiply  the  given  sum  by  274,  and  cut  off"  five  figures  from 
the  right  hand  of  the  product,  the  left  hand  figures  will  be  the  answer  or  interest 
in  cents,  and  for  any  other  rate,  multiply  the  interest  at  one  per  cent.,  by  that 
rate,  the  product  will  be  the  interest  required  for  one  day,  and  for  any  number  of 
days  multiply  the  last  product  by  the  number  of  days.  It  may  be  observed  that 
any  divisor  may  be  converted  into  a  multiplier  by  dividing  unity  by  the  said  di- 
visor, and  using  the  decimal  obtained  thereby  for  a  multiplier.  For  example — 
let  987  be  divided  by  365,  the  quotient,  by  the  ordinary  mode  of  division,  will 
be  2.704,  &c.     987  X  -00274  produces  2.70438. 

128 

t 


USEFUL   CALCULATIONS. 


Equation  of  payments,  or  the  average  time  for  the  payment  of  pur- 
chases and  sales,  as  it  is  understood  by  merchants. 

The  following  example  is  calculated  three  different  ways  :  1st,  Later 
than  the  maturity  of  the  first  purchase  or  sale.  2d,  Earlier  than  the  ma- 
turity of  the  last  purchase  or  sale.    And  lastly,  by  the  table. 


EXAMPLE   I. 

1841.  August 

6, 

$59        "^^" 

(t 

12, 

87  X      6  = 

522 

December  10, 

47  X  126  = 

5922 

(( 

16, 

194  X  132  == 

25608 

(( 

30, 

50  X  146  = 

7300 

1842.  January 

6, 

51  X  153  = 

7803 

March 

2, 

107  X  208  = 

22256 

Si 

3, 

47  X  209  = 

9823 

ti 

12, 

52  X  218  = 

11336 

(t 

14, 

123  X  220  == 

27060 

April 

11, 

49  X  248  = 

12152 

ce 

18, 

297  X  255  -= 

75735 

St 

23, 

48  X  260  = 

12480 

ss 

26, 

1299  X  263  — 

341637 

2510 


)  559634  (223    days    lat«r 

5763        than  Aug.  6, 

7434      1841,  will   be 

JIfarc/i  17,1842. 


1841. 


1842. 


EXAMPLE    II. 

Days. 

August 

6, 

$59  X  263  = 

15517 

ss 

12, 

87  X 

257  = 

22359 

December  10, 

47  X  137  = 

6439 

ss 

16, 

194  X  131  = 

25414 

ss 

30, 

50  X  117  = 

5850 

January 

6, 

51  X  110  = 

5610 

March 

2, 

107  X 

55  = 

5885 

ss 

3, 

47  X 

54  == 

2538 

ss 

12, 

52  X 

45  = 

2340 

ss 

14, 

123  X 

43  = 

5289 

April 

11, 

49  X 

15  = 

735 

ss 

18, 

297  X 

8  = 

2376 

ss 

23, 

48  X 

3  = 

144 

ss 

26, 

1299 

2510 

)  100496(40  days  earlier 

96  than  the  date  of 

the  last  purchase 

which   will    be 

t  /^  r\ 

March  17, 1842. 

129 


USEFUL    CALCULATIONS. 


EXAMPLE    III. 

Days. 

.  August 

6, 

$59  X  218  = 

12862 

(f 

12, 

87  X  224  = 

19488 

December  10, 

47  X  344  = 

16168 

te 

16, 

194  X  350  = 

67900 

te 

30, 

50  X  364  - 

18200 

!.   January 

6, 

51  X  371  = 

18921 

March 

2, 

107  X  426  = 

45582 

(e 

3, 

47  X  427  — 

20069 

tt 

12, 

52  X  436  = 

22672 

(( 

14, 

123  X  438  = 

53874 

April 

11, 

49  X  466  «= 

22834 

f( 

18, 

297  X  473  = 

140481 

te 

23, 

48  X  478  = 

22944 

te 

26, 

1299  X  481 

62481*9 



By  the  Table, 

2510  )  1106814  (  440,  nearly  441 

10281  365 

2414  

76 
Is  opposite  to  March  17,  1842. 

EXAMPLE    IV. 

Purchased  several  parcels  of  goods  at  different  times,  and  on  various 
credits. 

March  8,    A  bill  amounting  to  $184.70  on  4  months  credit. 

"     25,        "  "  "       95.40   ''  5  do. 

April   16,        "  "  "       68.45  "  6  do. 

May    12,        "  ''  «       86.64  ''  7  do. 


Due  July  8, 

"    Aug.  25, 

"    Oct.  16, 

''    Dec.  12, 


STATEMENT. 

,    $185  ^^^" 

95  X  48  —    4560 

68  X  100  =    6800 

87  X  157  x=  13659 


435  )  25019  (57|H 

I  shall  call  it  58  days,  as  the  fraction  is  a  little  more  than  half.  This 
will  extend  the  credit  beyond  the  8th  July,  which  number  will  carry  it 
to  the  4th  September,  the  time  $435  will  become  due  by  equation.  The 
learner  will  perceive  that  nothing  is  annexed  to  $185,  because  there  is 
no  credit  on  that  sum  beyond  the  8th  July,  the  intervening  days  between 
July  the  8th,  and  August  the  25th  are  48,  which  is  placed  opposite  to 
$95  in  the  2d  hne.  On  $68  due  October  16th,  the  number  between  the 
8th  July  and  the  16th  October  is  100.  On  $87  the  credit  is  extended  be- 
yond the  8th  July,  157  days. 

130 


USEFUL    CALCULATIONS. 

EXPLANATION     OF     EXAMPLE     IV. 

58  days  from  July  8th,  will  give  the  equated  time  to  Sept.  4. 

Days. 

From  July  8th,  to  Aug.  25th,  are    48  X  95,  as  above. 

From  July  8th,  to  Oct.     16th,  are  100  X  68,  as  above. 

From  July  8th,  to  Dec.    12th,  are  157  X  87',  as  above. 

It  may  be  here  perceived  that  we  reckon  from  the  first  date,  finding  the 
number  of  days  intervening  between  July  the  8th,  and  each  successive 
date,  making  no  use  of  the  first  amount,  except  adding  it  to  the  other 
amounts  for  a  divisor. 

EXAMPLE    V. 

Sold  Merchandise  at  different  times,  and  on  various  terms  of  credit. 
May   6,  $125  at  1  month,  will  be  due  June  6th. 


"    14,     150  at  2      " 

(< 

a 

July  14th. 

June  6,    200  at  4      " 

a 

(t 

October  6th. 

«    20,     182  at  6      " 

(( 

ti 

December  20th. 

Due  June   6, 

$125  X 

197 

—  24625 

"    July  14, 

150  X  159 

—  23850 

''    Oct.     6, 

200  X 

1^ 

=  15000 

"    Dec.  20, 

182 
657 

)  63475  (96 

5913 

, 

4345 

3942 

403 

657 
Due  by  average  97  days  earlier  than  the  20th  December,  being  the 
14th  September. 
The  Last  Example  calculated  by  interest : — 
May   6,  $125  at  1  month,  due  June  6th. 
"    14,     150  at  2  months,  "    July  14th. 


ine  6, 

200  at  4 

<c 

"    October  6th. 

"    20, 

182  at  6 

t( 

"    December  20th 

. 

Days. 

Interest, 

Due  June  6, 

$125 

197 

4.10 

■+ 

(S 

July  14, 

150 

159 

3.97 

+ 

ss 

Oct.     6,. 

200 

75 

2.50 

te 

Dec.  20, 

182 

6.57 

—  60   - 

-   10.58  ■■ 

-=  96n 

96  Iff  days  being  the  time  required  for  $657  to  gain  $10.58.    The 
whole  payable  by  equation  the  14th  September. 

Note. — Fractions  less  than  a  half,  in  dollars  and  days,  are  omitted  in  the 
equation  of  payments ;  over  a  half,  they  are  reckoned  as  one. 

131 


USEFUL    CALCULATIONS. 


EXAMPLE   VI. 


March  10,  $325  at  30  days,  will  be  due  April  9th. 
"       18,    160  at  60    "  "       May  17th. 

AprU    20,      82  at    3  months,        "       July  20th. 
May      16,     96  at   6      "  "       November  16th. 


Due  April  9, 
"    May  17, 
"    July  20, 
"    Nov.  16, 

Days. 
$325 

160  X    38  = 
82  X  102  = 
96  X  221  = 

663 

Product. 
=     6080 

=    8364 
=  21216 

) 35660 ( 
3315 

2510 
1989 

521 
663 

)  35660  (  53,  nearly  54  days  from  the 
9th  April,  which  will  be 
due  by  average,  2d  June. 


Or  thus : 

Days. 

March  10,  $325  at  30  days  is    30  =    9750 

"       18,    160  "  60    "    "    68  =  10880 

April    20,      82  "    3  mos.  "  132  =  10824 

May     16,      96  «    6    "     "  251  =  24096 

663  )55550(83|Hor84  days  from 

5304  the  10th  March, 

which  will  make 

2510  the  average  time 

1989  fall  on  June  2d. 

I  — — 

521 
663 

The  last  example  is  calculated  from  the  first  day  of  the  sale,  by  adding 
to  the  credit  on  each  sum,  the  number  of  days  between  the  first  date,  and 
that  sum. 

EXAMPLE    VII. 

I  have  here  introduced  a  table  by  which  the  learner  will,  with  more 
facility  and  greater  ease,  find  the  average  of  any  given  number  of  sums, 
for  any  length  of  time  with  exactness,  and  by  which  it  will  be  impossible 
to  commit  an  error,  provided  the  multiphcands  and  divisors  are  correctly 
worked. 


132 


USEFUL    CALCULATIONS. 


TABLE   I 


CO  CO  CO  CO  CO -^ -^^ -^  ■Tt< '^  "^  ■<* -^ -^    .      -     -    ^^^^^ 

cocococococococococococococococococococococo 
T-4C^co'<*io;oi^cx)ai0^o?co'>*iooi^ooa)0-HO?co 


cococococococococococococococococo 


OiO^OlOlOiOiOiC^Ol^COCO 


'  >OOt^C0aiOT-H(^?C0'^U^Ot^C0a5O'-;0^C0;j^^cOl>-000^O-HG2M 
OOOOO— <-H-H-H^^-<-H-H— (— w(NC^(NC^OiG^C^(>?G^OiCOCOCOCOCO 
COCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCOCO 

-HC^CO^lOOt^OOaiO--c(>^CO-r)HiCON.OOaiO-^0?CV3;^»CCOt>.000^0 


(:N(>i<Nc5c5c5G5G5^(>^(>iG^G^O?G^G^O^S?C^SSG^G^G^S§J(:OCOCOCOCO 
-HCNCO'^VOtOt^OOOO— ^C^CO'^lOOlr^OOasO-^G^CO^lOCON.OOCiO— < 

T-fr-H-H— ^i-H-H^— l,-H^C^G^C^(>JC^G^C^G^(N^COCO 

Td<lOtDN.OOaiO-HO?CO'*^ 

— ^cNco-^iOOt^-oooso— io?co'>*iooi>.GoaiO^(Nco^iocot^c»05  0 
co'^iooi>.ooa50— iG^co'^i0  50r:^ooa50-Hc^co'*ioot>-ooa50-HO?co 

r-H,-H— 1^— .— H— iG^G^C^G^C^G^(>?G^O?G^COCOCOCOCOCOCOCOCOCO'^'^'rJ<rt< 

ojco'^iocoJ>.oooiO— <(>?co'^iocDb*ooaiOr-H(>?co'rti»ooi^ooc})0»-HO? 
^c^co'«^iocDi>.ooa!0^o?co'*»oob^ooaio^c^co^ioot^oog50'-^ 

"•^  r-H-iT-H-H— .^-.^.-.^CNCNC^CNC^g^G^C^C^a^COCO 

(>?C0'*»OOt>-000^O---0?C0'^V0Obr00aiO'-<C^C0'^»OOl:^00a5O--< 

»-^o?co'^u:)Oi>.ooaiO-^o?co'<*w:iOi^ooaiO— io?co'^icnDN.ooa50 
^c^co^ioot^oooO'-H(N(:o'^ioot^oooo--i(>?co'>;t<iocr)b^oooiO-w 

G^C^(^^(^?C^G^C<^(^?C^COCOCOCOCOCOCOCOCOCO-^'rlHTt'^-^Td^■^T:t^■^'^»010 

,-HCQco-^»otDt^ooaiO-HO?(ro'Tj<ioot^oocr5  0— HO?co-^iooi^oQaiO^ 

,-HG^r^j-=T'Ajy-'i     ^w   __^^^_^^^^^C^C^CNG^G^CNC^C^O<C^COCO 

^G^co'^tooi^oooO'-H(^?co;^loo^-gogiO--^{^?co'^^oc£)t^ooOiO 
asaioajaiOiOiaic^oooooooooO'-^— iT^— <— .— 1^— <^— (O? 

^0IC0^OOt^00a.O^^C0;^V0Oh.00OO^C^g9^^Ob;j^g|O 

o-H(Mco'rj<ioob*ooaiO'-'0?co'^»ooj>»ooa50'-HO?co'^iooi^ooc50 

OICO-"*  K^^Ob^OO  05  0-^0?CO'<^lOtO  1^0005  O'-^C^C0'^»0  CO  1^00  Oi 
COCOCOCOCOCOCOCO-^-^'sf'^'^-^'^'^'^'^'^'OOlOlOOlOlOiOlO 

133 


USEFUL     CALCULATIONS. 


TABLE   II. 


1 

1 
32 

60 

> 

g 
^ 

c 
s 

£ 
•< 

1 

f 

1 

1 

91 

121 

152 

182 

213 

244 

274 

305 

335 

2 

33 

61 

92 

122 

153 

183 

214 

245 

275 

306 

336 

3 

34 

62 

93 

123 

154 

184 

215 

246 

276 

307 

337 

4 

35 

63 

94 

124 

155 

185 

216 

247 

277 

308 

338 

5 

36 

64 

95 

125 

156 

186 

217 

248 

278 

309 

339 

6 

37 

65 

96 

126 

157 

187 

218 

249 

279 

310 

340 

7 

38 

66 

97 

127 

158 

188 

219 

250 

280 

311 

341 

8 

39 

67 

98 

128 

159 

189 

220 

251 

281 

312 

342 

9 

40 

68 

99 

129 

160 

190 

221 

252 

282 

313 

343 

10 

41 

69 

100 

130 

161 

191 

222 

253 

283 

314 

344 

U 

42 

70 

101 

131 

162 

192 

223 

254 

284 

315 

345 

12 

43 

71 

102 

132 

163 

193 

224 

255 

285 

316 

346 

13 

44 

72 

103 

133 

164 

194 

225 

256 

286 

317 

347 

14 

45 

73 

104 

134 

165 

195 

226 

257 

287 

318 

348 

15 

46 

74 

105 

135 

166 

196 

227 

258 

288 

319 

349 

16 

47 

1^ 

106 

136 

167 

197 

228 

259 

289 

320 

350 

17 

48 

76 

107 

137 

168 

198 

229 

260 

290 

321 

351 

18 

49 

11 

108 

138 

169 

199 

230 

261 

291 

322 

352 

19 

50 

78 

109 

139 

170 

200 

231 

262 

292 

323 

353 

20 

51 

79 

110 

140 

171 

201 

232 

263 

293 

324 

354 

21 

52 

80 

111 

141 

172 

202 

233 

264 

294 

325 

355 

22 

53 

81 

112 

142 

173 

203 

234 

265 

295 

326 

356 

23 

54 

82 

113 

143 

174 

204 

235 

266 

296 

327 

357 

24 

55 

83 

114 

144 

175 

205 

236 

267 

297 

328 

358 

25 

56 

84 

115 

145 

176 

206 

237 

268 

298 

329 

359 

26 

bl 

85 

116 

146 

177 

207 

238 

269 

299 

330 

360 

27 

58 

86 

117 

147 

178 

208 

239 

270 

300 

331 

361 

28 

59 

87 

118 

148 

179 

209 

240 

271 

301 

332 

362 

29 

88 

119 

149 

180 

210 

241 

272 

302 

333 

363 

30 

89 

120 

150 

181 

211 

242 

273 

303 

384 

364 

31 

90 

151 

212 

243 

304 

365 

The  reader  will  here  perceive  that'  each  day  in  the  year  is  numbered 
from  the  first  day  of  January  to  the  thirty-first  of  December,  beginning 
from  1  to  365.  Suppose  you  wish  to  find  the  average  of  the  last  exam- 
ple. Find  the  date  on  which  the  first  sum  will  fall  due,  which  will  be 
30  days  from  the  10th  of  March,  making  the  9th  of  April,  and  refer  to 
the  table  for  the  9th  of  April  and  you  will  find  opposite  to  it  99,  which  is 
multiplied  by  the  sum  $325,  making  32175 ;  the  second  sum  is  for  March 
18th,  at  60  days,  due  the  17th  May ;  find  this  date  and  opposite  to  it  you 
will  find  137,  which,  multipHed  as  before  by  the  sum  $160,  will  make 
21920,  and  so  on  with  the  next  two  dates  and  sums  which  will  corre- 
spond with  the  following  operation  : 


*  This  table  is  similar  to  No.  1,  in  its  application 

134 


USEFUL    CALCULATIONS. 

March  10,  |325  at  30  days,  due  April  9  is    99  X  325  =»  32175 

"      18,  160  «  60    "       "    May  17  "  137  X  160  =  21920 

April   20,  82  "    3  mos.    "    July  20  «  201  X    82  -=  16482 

May     16,  96  "    6    "       "    Nov.  16  "  320  X    96  =  30720 


663  663)101297(152 

663 


3499 
3315 

1847 
1326 

521 

663 
The  quotient,  152f  |^,  or  153,  shows  (by  reference  to  this  number  in 
the  table)  the  2d  of  June. 

EXAMPLE    VIII. 

I  will  now  present  an  example  showing  the  several  sums  that  will  fall 
due,  from  one  year  to  another,  by  the  table,  making  the  sales  become 
due,  at  the  following  dates  : 

Due  Nov'r  12,  $70,  opposite  the  date,  stands  No.  316  =■  22120 

"    Dec'r  26,  109,      "  "  "       360  =  39240 

"  *Jan'y  15,    83,      "  ''  "       380  ==  31540 

"    March20,  302,      "  «  «       444  =  134088 

*'   April  22,    91,      "    -  "  "       477  —  43407 


655  655)270395(412 

2620 


839 
655 

1845 
1310 

535 

655 
*  By  this  date,  January  15th,  you  will  observe  opposite  to  it,  number  15,  to 
which  you  add  365  and  you  will  have  number  380,  and  opposite  March  20th, 
you  will  find*  79,  to  which  add  365  and  you  wiJl  have  444,  and  the  same  way 
with  the  next  date.  You  will  now  find  the  quotient  of  the  several  dates  to  be 
number  412,  (nearly  413,)  from  which  deduct  365,  and  you  will  find  the  result 
48,  for  which  number  refer  to  the  table,  and  it  will  leave  the  several  sums  due 
by  average  the  17th  February. 

135 


USEFUL    CALCULATIONS. 

Note. — The  preceding  table  will  be  very  useful  for  finding  the  number  of 
days  between  any  two  dates.  For  Example— Suppose  you  want  to  find  the 
number  of  days  between  the  4th  February  and  the  6th  September.  Look  for  the 
number  opposite  to  the  4th  February,  which  is  35,  and  for  that  opposite  to  the  6th 
September,  which  is  249,  subtract  35  from  249  and  the  remainder  will  be  214  days. 

It  is  also  useful  for  finding  the  time  when  a  note  falls  due.  For  Example — 
Suppose  you  passed  your  note  on  the  20th  February,  1843,  for  113  days,  when 
will  it  fall  due?  Look  for  the  number  opposite  the  20th  February,  which  is  51, 
to  which  add  113  days,  which  will  make  164  ;  opposite  164  is  the  13th  June, 
which  is  the  time  the  note  will  fall  due.  The  same  plan  will  hold  good  for  all 
cases  that  may  occur  If  the  same  note  had  been  dated  February  20,  1844, 
(being  a  leap  year,)  it  would  have  fallen  due  on  the  14th  June. 

EXAMPLE    IX. 

To  average  an  account  in  which  the  credit  and  debit  are  of  unequal 
amounts,  and  the  total  of  each  due  at  different  periods  so  that  neither  the 
creditor  nor  debtor  shall  be  entitled  to  balance  of  interest. 

Rule. — Having  found  the  average  time  of  the  Dr.  and  Cr.  sides,  mul- 
tiply the  smaller  sum  by  the  difference  of  the  time,  divide  by  the  balance 
of  the  account,  and  the  quotient  will  be  the  number  of  days  which  must 
be  carried  back  or  forward  as  the  question  may  require.  If  the  balance 
be  in  favor  of  the  earlier  sum,  count  back  from  the  maturity  of  that  sum  ; 
if  in  favor  of  the  latter,  carry  forward. 

For  Example, — Sold  A.  goods  at  different  dates,  due  by  average  10th 
July,  amounting  to  $500. 

Bought  of  A.  goods  at  different  dates  due  by  average  6th  August,  $800. 
Required  the  time  of  payment  of  the  balance  ? 
$500  smaller  sum. 
27  days  difference  of  dates. 


Difference  of  amounts  300)13500(45  days  later  than  the  6th  August, 
1200  or  the  20th  September. 

1500 
1500 

Days. 

Proo/*.— From  July  10th  to  September  20th  =  72  X  500  =  3600 
"     August  6th         "  "      =  45  X  ^00  =  3600 

Another  Example : 

B.  owes  me  $500  due  6th  August. 
I  owe  him       800  due  10th  July. 
500 
27 


3|00)135]00 


45  days  earlier  than  the  10th  July,  or  26th  May. 
136 


USEFUL    CALCULATIONS. 

EXAMPLE    X. 
A.  .  B. 

Due  May  17,  1841,  $2,000  $2,500  due  August  21,  1841. 

96  diff.  of  dates.      2,000 


5|00  )  19201 00  500  Bal.  of  the  two  accts. 

384    days  added  to  August  21st,  gives  the  time  to 
pay  $500,  September  9th,  1842. 

Proof: —  Days. 

From  May  17, 1841,  to  Aug.  21, 1841,  are    96  int.  on  $2,000  =  $32.00 
''    Aug.  21, 1841,  to  Sept.    9, 1842,  "  384      "  500=    32.00 

Rule. — If  the  latest  date  be  affixed  to  the  largest  amount,  the  quotient  is 
counted  forward  from  that  date.     Vide  general  rule  under  Example  IX. 

EXAMPLE    XI. 

B.  A. 

Due  August  21,  1841,  $2,000  $2,500  due  May  17,  1841. 

96  diff.  of  dates.      2,000 


5|00  )  1 920|00  500  bal.  of  the  two  accls. 

384    days  counted  back  from  May  17th,  gives  the 
equated  time,  April  28th,  1840. 

Proof.  Days. 

From  May  17, 1841,  back  to  April  28, 1840,  are  384  X  2500  —  960000 
"    Aug.  21,    "  "      "    28,    "      "    480x2000  =  960000 

Rule. — If  the  earliest  date  be  affixed  to  the  largest  amount,  the  quotient 
is  counted  back  from  that  date.     Vide  general  rule  under  Example  IX. 

A     FURTHER     ILLUSTRATION     OF     EXAMPLE     X. 

A.  wishes  the  $2,000  which  he  owes  B.  on  May  17th,  1841,  to  remain 
unpaid  till  the  21st  of  August,  1841,  which  will  then  be  cancelled  by 
the  $2,500  that  B.  will  then  owe  him.  B.  agrees  to  this  proposal,  on 
condition  that  the  balance  of  the  two  accounts,  $500,  will  remain  unpaid 
till  the  interest  on  it,  ($500,)  shall  be  equal  to  the  interest  on  the  $2,000, 
from  the  17th  May,  till  the  21st  August. 

EXAMPLE    XII. 

By  account  current  with  Caleb  Cope  &  Co.,  of  Philadelphia,  they 

owe  me  $2,500,  which  will  be  due  August  21st,  1841,  and  I  owe  them 

$3,000,  due  May  17th,  1841.     When  am  I  to  pay  the  balance  of  the 

two  accounts,  so  that  neither  party  be  entitled  to  balance  of  interest  ? 

.ins.  480  days  earlier  than  May  17, 1841,  which  will  be  Jan.  22, 1840. 

s  137 


USEFUL  CALCULATIONS. 

VALUE  OF  THE  POUND  STERLING 

IN    FEDERAL    MONEY. 


Kat^. 

Above  Par. 

Rate. 

Above  Par. 

Par, 

4.4444 

5  per  cent. 

.  .  4.7333 

i  per 

cent 4.4555 

4 

.  .  4.7444 

h      ' 

....  4.4666 

7   "   .  . 

.  .  4.7555 

3     i 

4 

....  4.4777 

1   "   .  . 

.  .  4.7666 

1 

....  4.4888 

^   -   .  . 

.  .  4.7777 

4 

....  4.5000 

i   " 

.  .  4.7888 

h             ' 

....  4.5111 

8   "   .  . 

.  .  4.8000 

4 

....  4.5222 

1  it 

4 

.  .4.8111 

2   * 

....  4.5333 

1     "       .    . 

.  .  4.8222 

i      * 

....  4.5444 

i     "       .    . 

.  .  4.8333 

1   * 

....  4.5555 

9   •'   .  . 

.  .  4.8414 

2     i 

4 

....  4.5666 

1   " 

.  .  4.8555 

3 

....  4..sm 

^   "   .  . 

.  .  4.8666 

i    s 

4 

....  4.5888 

I      "        .  . 

.  .  4.8777 

t      ( 
3 

....  4.6000 

10 

.  .  4.8888 

1     ' 

....  4.6111 

1  if 

4 

.  .  4.9000 

4 

....  4.6222 

2    " 

.  .  4.9111 

i      ' 

....  4.6333 

i  " 

.  .  4.9222 

1   ' 

....  4.6444 

11 

.  .  4.9333 

1   * 

....  4.6555 

i  "   .  . 

.  .  4.9444 

5 

....  4.6666 

^  "   .  . 

.  .  4.9555 

i   t 

4 

....  4.6777 

1  " 

.  .  4.9666 

3 

....  4.6888 

12 

.  .  4.9777 

4 

....  4.7000 

1   <f 

4 

.  .  4.9888 

6   ' 

....  4.7111 

^     " 

.  .  5.0000 

i   ' 

....  4.7222 

i   " 

.  .  5.0111 

Bring  o£200  sterliDg  to  dollars,  &c.  ? 

.£200 
40 


9)8000 


Rule.— Multiply  by  40  the  number  of  sixpences  in  a  pound,  and 
divide  by  '9  the  number  of  sixpences  in  a  dollar. 


138 


USEFUL     CALCULATIONS. 


SALES  of  100  PIPES  Gin,  received  per  Barque  Louisa,/ro7n  Bremen, 
on  account  of  Messrs.  J.  Lupritz  &  Co.,  Mercliants,  there. 


Date. 


PURCHASERS. 


Terms. 


Pipes. 


Galls. 


Price. 


Amount. 


1839. 
Jan'y  1 
Feb.  25 
April  13 
July  23 
Aug.  17 


1838. 
Dec.  14 


Andrew  Marshall  &  Co. . . 
James  Johnson  &  Sons,.. . 

Thomas  Taylor, 

Symington,  Palmer  &.  Co. . 
David  Barnum, 


8  mos, 
6   " 
Cash. 
8  mos, 
6   « 


1300 
635 
501 

8973 
738 


1  00 

98 

97 

1  00 

1  03 


100 


12147 


CHARGES. 


To  Cash  paid  freight  and  primage,  as  per 

Bill  of  Lading, „.      $157  50 

"   Cash  paid  wharfage  and  drayage  to 

store, 59  67 

♦*  Amount  of  duty  bonds  to  the  Collec- 
tor of  Customs,  at  G  months,  due  and 
paid  June  17th,  1839,  on  12,147  galls, 
at  50  cents, ■. 6073  50 

"   Storage  from   14th   December,   1838, 
viz  : 
On  10  pipes,  3  weeks  equal  to  30  weeks 

5  "    11      "  "         65      " 
4     "    17      "          "         68      " 

75     «    32      «  «     2400      " 

6  "    35      "  "       210      " 


100  pipes 2763  weeks 

at  61  cents, 

Commission  and  guarantee  at  5  per 

cent,  on  $11,655  44, 

Commission  on   $485  97,  at   2|   per 
cent 


172  69 

582  77 

12  14 


Net  proceeds  at  the  Cr.  of  Messrs.  J.  Lupritz  &  Co. 
as  Cash  here,  22d  November,  1840, 


(Errors  excepted.) 
Baltimore,  August  nth,  1839. 


$1300  00 

622  30 

485  97 

8973  00 

760  14 


12141     41 


7058  17 


#5086  24 


J.  L.  RIDGELY. 
Per  J.  J.  HARVEY. 


139 


USEFUL    CALCULATIONS. 


u'a. 


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-3  ^"^ 

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m  ' — '  ^ 

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140 


USEFUL  CALCULATIONS. 


PROOF  OF  THE  LAST  RULE  AND  CALCULATION. 

The  average  time  of  the  Cash  charges  is  June  Uth,  1839. 
"            "            "      Gross  sales  is  February  3d,  1840. 
The  difference  is  237  days,  for  which  the  factor  is  entitled  to  interest 
for  his  advance  of  $6,290.     Which  at  6  per  cent,  would  be  $248.45. 
$6290  for  6  )  237  days  at  6  per  cent. 
391  


56610 
18870 
3145 


$248,455 
Which  sum  is  equal  to  the  extension  of  293  days  beyond  the  maturity 
of  the  gross  sales. 

QUESTIONS  FOR  EXERCISE. 

1.  Sold  on  April  20th,  Merchandise  for  Cash  $41,  May  3d,  $5  worth 
more,  and  the  remainder  amounting  to  $160  at  4  months,  A.  B.  the 
purchaser,  wishes  to  give  me  a  note  for  the  whole,  the  average  or 
equated  time  is  required  ? 

2.  Bought  of  C.  D.  Merchandise  as  follows  : — 

1838.  June    10,  A  bill  amounting  to  $177.10,  at  4  months. 

''      28,      "  "  "    126.35,  for  Cash. 

1839.  Feb.      5,      "  "  "    455.76,  at  3  months. 
March  13,      "            "           "    222.7.5,  at  6  months. 

When  will  the  whole  be  payable,  by  equation  ? 

3.  Bought  of  C.  D.  on  June  2d,  1839,  $400  worth  of  goods  at  12 
months,  and  June  the  3d,  same  year,  $400  worth  at  24  months,  required 
the  average  time  when  this  bill  will  be  due  as  Cash  ? 

4.  Received  a  consignment  of  goods  on  the  1st  January. 
Paid  Freight  and  other  charges,  $800. 

Sold  them  on  the  same  day,  at  8  months  credit,  for  $4,000. 

At  what  time  will  the  net  proceeds  be  due  to  the  Shipper,  as  Cash? 


PROFIT    AND    LOSS. 

W^hen  goods  are  purchased  and  sold  at  certain  prices,  to  find  what 
you  gain  or  lose  per  cent. 

Rule. — Find  the  difference  between  the  buying  and  selling  price  and 
add  two  cyphers  to  that  difference  and  divide  it  by  the  buying  price,  and 
the  quotient  will  be  the  gain  or  loss  per  cent. 

141 


USEFUL    CALCULATIONS. 

If  1  purchase  goods  at  GO  cents  per  yard,  and  sell  them  at  95  cents, 
what  is  the  gain  per  cent.? 

Cents. 

95  selling  price, 
60  buying     *' 


610)35010 


583  cents  is  the  gain  on  a  dollar. 

Were  goods  purchased  at  $2.75  per  yard,  and  sold  at  $2.25,  what  per 
cent,  would  I  lose  ? 

$2.75  first  cost, 
2.25  selling  price. 


225  )  5000  (  22|  per  cent.  loss. 
450 

500 
450 

225         ^ 

TO    GAIN    A    CERTAIN    PER    CENT. 

Add  the  per  cent,  to  be  gained  to  1.00,  and  multiply  it  by  the  buying 
or  cost  price,  and  you  will  have  the  answer, 

TO    I>0SE    A    GIVEN    PER    CENT. 

Take  the  per  cent,  you  are  to  lose  from  1.00,  and  multiply  tho  remnin- 
der  or  difference,  by  the  cost  or  buying  price. 


aUESTIONS    ON    EXCHANGE. 

Example  1. — If  a  person  in  Florida  owes  $1,000  in  New  York,  what 
loss  will  he  sustain  in  the  exchange,  at  40  per  cent,  premium? 

Answer  J  $400. 
As  $100  :  $140  :  :  $1,000  :  $1,400  or  $400  loss. 
Example  2. — If  he  had  remitted  Florida  money  to  be  sold  in  New 
York,  what  amount  would  it  require,  at  40  per  cent,  discount,  to  pay 
his  debt  of  $1,000  ?  Ans.  $1,666,661,  or  $666,661  loss. 

As  $60  :  $100  :  :  $1,000  :  $1,666,661,  or  $666,661  loss. 
Example  3. — A.  of  Mobile  owes  $1,250  in  New  York  funds  to  B.  of 
that  place,  and  remits  him  a  bill  of  exchange,  which  cost  A.  15  per  cent. 

142 


USEFUL    CALCULATIONS. 

premium.     If  B.  had  drawn  on  A.  at  15  per  cent,  discount,  what  saving 
would  there  be  in  A's  remittance,  and  what  is  his  loss  thereby  ? 
a      S  ^''^  ^°^^  ^^  1311  f  per  cent. 

*  \  And  the  saving  on  this  remittance  would  be  $33.08f  f . 
$1,250  at  15  per  cent.  $187.50 
1,250.00 

As  $1,437.50  :  $187.50  :  :  $100  :  13i|f- per  cent. 
As  $85  :  $100  :  :  $1,250  :  $l,470.58|f,  showing  a  saving  of  $33.08|f. 
Example  4. — I  owe  a  person  in  New  York,  $500  in  Baltimore  funds, 
but  he  requests  me  to  remit  him  New  York  funds,  which  are  at  a  pre- 
mium of  5  per  cent,  in  Baltimore.     What  amount  must  I  send  him  ? 

Am.  $476.19. 
As  $105  :  $5  :  :  $500  :  $476.19. 

Example  5.— B.  of  New  York  owes  A.  of  Philadelphia  $1,000,  in  New 
York  funds,  which  command  a  premium  of  5  per  cent,  in  Philadelphia, 
I  want  to  know  which  would  it  be  better  for  A.  of  Philadelphia,  to  draw 
for  that  amount,  or  have  it  remitted  to  him  by  B.  1 


^DISCOUNT    AND    INTEREST, 

Though  generally  taken  for  one  and  the  same  thing,  cannot  properly 
be  considered  such.  Discount  is  an  allowance  upon,  or  a  deduction 
from  bills  or  promissory  notes  for  their  depreciation ;  or  for  their  deferred 
payments.  Interest  is  the  consideration  paid  for  the  use  of  money.  The 
discount  on  a  note  not  due  ought  therefore  to  be  the  interest  (till  its  ma- 
turity) of  the  proceeds,  and  no  more. 

Example. — Required  the  discount  on  $100  for  one  year  at  6  per  cent, 
per  annum  ?  Ans.  $5.66  4. . 

As  $106  :  $6  :  :  $100  :  $5.66. 

A  few  examples  are  here  given  in  illustration. 

Required  the  interest  of  $94.34  ($100 — 12  months  discount,  $5.66)  for 
1  year,  at  6  per  cent.  ?  Ans,  $5.66  + . 

Required  the  discount  and  bank  interest  on  $5,000  for  3  years,  at  8 
per  cent,  per  annum,  and  their  difference  ? 

Bank  interest  for  3  years  at  8  per  cent,  per  annum,  or  24  per  cent,  on 
$5,000,  is  -_------    $1,200.00 

The  discount  for  the  same  time  and  amount  is         -        -         967.74 
As  $124  :  $24  :  :  $5,000  :  $967.74  + 

The  difference  is       -------        -      $232.26 

*  Nearly  all  the  bankers  and  merchants  in  the  United  States  charge  interest 
instead  of  discount.  The  banks  of  New  York  are  compelled  by  law  to  charge 
discount  instead  of  interest. 

143 


USEFUL    CALCULATIONS. 

Another  Example. — What  is  the  discount  on  $3,981.60,  for  4  months 
and  11  days,  at  6  per  cent.?  Ans,  $84.95—. 

$102.18  :  $2.18  :  :  $3,981.60  :  $84.95. 
The  interest  would  be  $86.93  +• 

Note. — The  rule  in  all  cases,  is  to  find  the  interest  on  $100,  for  the  time 
given,  and  say  if  |tlOO  with  the  interest  added  give  the  interest,  what  will  the 
sum  required  give. 

Required  the  interest  and  discount  on  $1,000,  for  16  years  and  8 
months,  at  6  per  cent,  per  annum? 

The  interest  on  $1,000,  for  16  years  and  8  months,  will  amount  to  the 
entire  principal. 

The  discount  is  found  thus  :— As  $200  :  $100  :  :  $1,000  :  $500. 

The  interest  of  $500,  for  16  years  and  8  months,  will  be  $500. 


aUESTIONS    ON    BANK    STOCK,    &c. 

1.  What  is  the  value  of  the  stock  of  a  bank  which  declares  a  dividend 
of  $4.50  per  share  of  $100.     Money  being  worth  6  per  cent,  per  annum? 

Answer,  $75  per  share. 
$6  :  $100  :  :  $4.50  :  $>75  per  share. 

2.  What  is  the  value  of  the  stock  of  a  bank  whose  annual  dividends  are 
$7,  on  shares  of  $100  each.   Money  being  worth  6  per  cent,  per  annum? 

$6  :  $100  :  :  $7  :  $1161  per  share. 
'  3.  Took  up  my  note  this  day  for  $1,500,  by  paying  cash,  $500,  and 
giving  another  note,  at  90  days,  which,  when  discounted,  amounted  to 
the  balance;  required  its  amount? 

Amount  of  the  note,  $1,500 

Cash,        -        -        -     500 


Interest  of  -  $1,000  for  94  days  being  $15.67. 

As  $1,000  :  $1,015.67  :  :  $1,015.67  :  $1,015.91,  the  required  answer. 

4.  A.  holds  400  shares  state  stock  (each  $100),  bearing  interest  at  5  per 
cent,  payable  annually,  the  principal  due  in  13  years.  B.  holds  the  same 
number  of  shares  state  stock,  bearing  interest  at  6  per  cent,  payable  an- 
nually,  the  principal  due  in  20  years.  B.  is  willing  to  exchange  his 
6  per  cent,  for  A's  5  per  cent.  How  many  shares  should  he  give  A. 
for  his  400  shares  5  per  cent.? 

5.  Suppose  you  purchase  of  A.  B.  on  the  1st  January,  1844,  $600 
worth  of  goods,  and  every  seven  days  thereafter  the  same  amount,  and 
give  A.  B.  (the  seller)  notes  at  13,  23,  and  33  days  for  each  purchase. 
How  much  will  the  purchaser  at  any  given  period  owe  ? 

144 


DAY  BOOK  AND  JOURNAL 


PARTNEBSHIP  ACCOUNTS, 

WITH  AN 

EXPLANATORY  NOTE  FOR  OPENING  THE  LEDGER. 


DAY  BOOK.— Baltimore,  Ut  May,  1839. 


James  Hooper  and  Matthew  Bennett  have  en- 
tered into  co-partnership,  under  the  firm  of  Hooper 
&  Bennett.  Hooper  furnishes  $4,000  in  cash,  and 
Bennett  furnishes  $2,000  in  cash,  and  $2,000  in 
merchandise.  At  the  close  of  business,  the  loss  or 
gain  is  to  be  equally  divided. 


21 


Sold  Merchandise  for  Cash, 
June  6 


Paid  Matthew  Bennett  on  account, 
July  16   


Paid  James  Hooper  on  account, 


$3,000 


100 


200 


00 


00 


00 


146 


JOURNAL.— Baltimore,  ist  May,  1839. 


Cash  Dr.  to  James  Hooper's  Private  Stock 
Account.  For  his  share  Capital  Stock  in 
Co.  put  in  with  Matthew  Bennett,    - 


Sundries  Dr.  to  Matthew  Bennett's  Private 

Stock  Account. 
Cash  for        -        -        -        -        $2,000  00 
Merchandise  for    -        -        -  2,000  00 


21 


Cash  Dr.  to  Merchandise, 
June  6 


Matthew  Bennett  (private  acc't)  Dr.  to  Cash. 
Jyly  16 


James  Hooper  (private  acc't)  Dr.  to  Cash. 


Note.— Tlie  preceding  Day  Book  and  Journal  are  given 
for  the  purpose  of  showing  the  manner  of  keeping  Co. 
accounts ;  preparatory  to  the  opening  and  closing  of  the 
Ledger,  which  is  left  to  the  learner  as  a  matter  of  exercise. 
In  the  Ledger  there  must  be  an  account  opened  for  James 
Hooper,  titled  James  Hooper's  Private  Stock  Account; 
another,  titled  Matthew  Bennett's  Private  Stock  Account, 
and  a  Private  Account  for  each.  Also,  an  account  for 
Cash,  Merchandise,  Profit  and  Loss,  and  Balance.  The 
student  is  referred  to  the  remarks  under  tlie  head  of  Com- 
pany Concerns,  in  Lecture  VIT,  which  contains  a  mode 
more  generally  adopted. 


$4,00G 


GO 


4,000 


3,000 


100 


200 


00 


00 


00 


00 


147 


SELECT   INSTRUCTIONS 


FOR  ARKANGING  BOTH  INDIVIDUAL  AND  COMPANY  ACCOUNTS. 


How  to  journalize  the  commencement  of  the  company's  operations,  on  open- 
ing a  set  of  books  when  the  capital  was  paid  in  Cash.  Let  their  shares  or 
capital  consist  of  what  it  may. 

Cash  Dr.  to  Stock, 

For  the  following  sums  received  from  the  undernamed  persons  as  a  joint 
capital  to  commence  trade. 

From  A.  B $3,000  00 

"      CD /. 3,000  00 

"      E.  F 3,000  00 

. $9,000  00 

Stock  Dr.  to  Sundries,  $9,000. 

For  each  partner's  share  thereof. 

To  A.  B's  account  in  Co.  for  his  one-third  share  of  stock, $3,000  00 

"   B.  C's       "  «  "  "  "  "     3,000  00 

«   E.  F's        ♦'  "  "  "  *♦  "     3,000  00 

When  two  or  more  partners  are  engaged  in  trade  by  a  deed  of  copartnership, 
their  books,  as  well  as  those  of  individuals,  should  not  only  show  what  property 
they  have,  and  how  they  stand  in  the  world,  but  also  how  they  stand  with  one 
another,  and  what  share  each  of  them  possesses  in  the  stock  of  the  company. 

The  accounts  of  an  individual  or  a  company,  should  be  adapted  to  the  kind  of 
business  they  follow.  The  company's  Ledger,  besides  the  common  accounts  in 
trade,  and  those  of  Cash,  Stock,  Profit  and  Loss,  Balance,  &c.,  should  also  con- 
tain two  accounts  for  each  partner;  one  to  be  titled  his  account  in  Co. ;  the  other 
his  private  account. 

Every  company  ought  to  be  denominated  by  some  particular  firm,  and  that 
firm  or  designation  is  not  only  applied  to  the  general  titles  of  the  accounts  they 
furnish,  but  to  the  signatures  of  their  letters,  and  to  every  deed  that  represents 
the  company.  Some  companies  and  individuals  open  no  stock  account,  but  sub- 
stitute an  account  of  balance  or  the  name  of  the  firm  in  lieu  of  it. 

Instructions  for  commencing,  closing,  recommencing,  and  reclosing,  both  indi- 
vidual and  company  accounts,  under  their  respective  heads,  let  their  capital  or 
their  shares  be  equal  or  not ;  whether  partners  go  out  of,  or  are  taken  into  com- 
pany; for  dissolving  the  partnership  and  dividing  the  stock,  &c.  Should  the 
capital  of  a  person  commencing  trade,  consist  of  Cash,  Bills,  Shipping,  Mer- 
chandise, Houses,  Lands,  &c.,  you  will  observe,  that  the  Cash  is  not  to  be  jour- 

148 


SELECT    INSTllUCTIONS, 

nalized  singly,  nor  from  the  Day  Book ;  but  from  the  Cash  book  with  the  whole 
month's  Cash.  The  rest  of  the  inventory  is  to  be  journalized  from  the  Day 
Book  as  thus : — 

Sundries  Dr.  to  Stock. 

For  the  total  of  my  capital  commencing  trade  this  day,  with  the  exception 
suppose  of  $10,000,  which  is  journalized  under  the  head  of  cash  received  this 
month,  per  Cash  Book, 

Bills  Receivable  for 

Ship  President  for  » 

Merchandise  for 

House  in  such  a  place  for,  &c. 

Open  accounts  for  the  preceding  in  the  Ledger.  Each  ship  should  have  a 
separate  account.  If  you  hold  a  concern  with  others  in  shipping,  open  accounts 
for  them,  stating  what  share  you  hold  in  them. 

Debit  the  account  of  the  House  with  the  purchase  money,  or  sums  laid  out  on 
improving  it ;  and  credit  the  account  for  what  it  brings  in. 

When  you  are  closing  the  tenants'  accounts,  journalize  them  in  a  separate 
entry,  thus : 

Sundries  Dr.  to  Houses  and  Lands.  , 

For  all  rents  and  arrears  due  of  the  following  tenants  to  such  a  day.  Here 
arrange  all  their  names,  and  the  sums  they  owe,  opposite  each  name,  inside  the 
outer  column,  bring  the  sum  total  to  the  credit  of  the  account  of  houses  and  lands 
in  one  line,  and  debit  each  tenant's  account  for  the  balance  he  owes ;  then,  when 
you  are  closing  the  account  of  houses  and  lands  and  your  books  in  general,  in 
the  journal  entry  of 

Sundries  Dr.  to  Profit  and  Loss, 

For  gain  on  the  following  accounts  :  write,  amongst  the  rest. 

Houses  and  Lands  for  the  amount  of  the  net  profit  rents  they  yielded  this  year. 

Debit  the  account  with  it;  and  then,  in  the  list  of 

Balance  Dr.  to  Sundries. 

For  closing  all  accounts  that  balance  in  my  favor,  write  Houses  and  Lands, 
for  amount  of  their  present  value. 

These  methods  will  enable  you  to  commence  a,id  close  all  accounts  relative 
to  landlord  and  tenant. 

How  to  commence,  close,  recommence  and  reclose  company  accounts  in 
general. 

To  journalize  their  commencement;  to  render  the  most  difficult  cases  familiar 
and  easy  ;  to  act  in  all  cases  which  occasion  any  change  in  the  firm  or  capital,  in 
case  a  new  partner  came  into,  or  an  old  one  quitted  the  company,  and  to  arrange 
their  accounts  in  every  way  that  can  occur  in  actual  business,  will  be  seen  at 
first  view  in  the  following  arrangement. 

Let  the  share  of  each  partner  in  the  company  be  what  it  may,  the  sums  they 
are  to  pay  into  the  company's  stock,  should  be  proportioned  to  its  total  amount. 

For  example : 

If  the  company  commence  with  a  capital  of  $20,000,  and  you  are  to  have  one- 
tenth  of  their  profits,  you  must  pay  $2,000  into  their  stock. 

Whatever  their  shares  may  be  should  be  journalized  ;  Cash  Dr.  to  Stock ;  then. 
Stock  Dr.  to  Sundries,  to  each  partner,  for  his  share. 

Should  the  capital  of  a  company  commencing  trade,  consist  of  Cash,  Bills  and 
Notes,  Shipping  and  Merchandise,  Houses,  Lands,  &c.,  all  individual  and  com- 

149 


SELECT    INSTRUCTIONS. 

pany  accounts  are  made  and  journalized  alike,  with  the  bare  exception  of  chang- 
ing from  the  singular  to  the  plural  number,  by  saying  we,  us,  and  our,  for  the 
Co.  in  place  of  I,  me,  and  mine. 

If  any  of  the  partners  paid  more  than  their  share  of  capital,  enter 

Cash  Dr.  to  Sundries, 

To  such  a  partner's  private  account  for  the  excess. 

If  it  be  agreed  to  accumulate  the  profits  for  increasing  the  stock  in  Co.  at 
balancing  the  books,  enter — 

Profit  and  Loss  Dr.  to  Stock, 

For  amount  profits  agreed  to  be  taken  as  additional  capital. 

Then,  Stock  Dr.  to  Sundries, 

To  each  partner's  account  in  Co.  for  his  share  of  the  above  profits  as  increased 
capital. 

If  it  be  agreed  to  divide  the  profits,  at  balancing  the  books,  enter 

Profit  and  Loss  Dr.  to  Sundries, 

To  each  partner's  private  account,  for  his  share  of  the  gain. 

Then  debit  his  private  account  for  the  sum  he  takes  out  of  trade,  and  it  will 
leave  their  stock  account,  and  his  account  in  Co.  unaltered,  and  in  th«ir  original 
state. 

If  the  company  existed  before,  then,  at  the  opening  of  the  new  accounts,  enter 

Sundries  Dr.  to  Stock, 

For  the  total  of  our  effects.    Then, 

Stock  Dr.  to  Sundries, 

For  the  total  of  our  debts. 

In  dealings  between  partners,  the  entries  are  the  same  as  in  dealings  with  any 
other  persons  ;  only,  for  distinction's  sake,  it  is  necessary  to  add,  "his  private 
account,"  immediately  after  his  name.  If  the  company  agree  to  decrease  or  in- 
crease their  capital,  the  fittest  time  to  do  it,  is  previous  to  balancing  or  closing 
their  old  accounts,  and  opening  the  new  ones. 

For  decreasing  their  capital,  enter  \ 

Sundries  Dr.  to  Cash,  Bills  Receivable,  Merchandise,  or  whatever  they  receive 
in  payment  of  the  sums  they  draw  out  of  their  capital  or  trade.  Such  a  partner's 
account  in  Co.  for  as  much  as  he  withdrew.  Then  balance  the  old  books  to 
show  what  capital  remained  in  trade,  and  transfer  the  balances  to  the  new  accounts. 
For  increasing  the  capital,  after  the  old  balance  lists  are  all  posted  into  the  new 
accounts,  enter  in  your  Cash  book  the  additional  capital  paid  in,  and  journalize  it 
along  with  the  month's  cash.    Thus  : 

Cash  Dr.  to  Stock, 

For  the  following  sums  received  from  the  undernamed  persons  to  increase 
their  capital  in  trade.  Then  enter  their  names  and  sums,  and,  when  the  month's 
cash  is  journalized,  enter 

Stock  Dr.  to  Sundries, 

For  an  increase  of  capital  put  into  trade, 

To  each  partner  for  his  share  thereof. 

In  admitting  a  new  partner,  or  on  an  old  one  quitting  the  company,  so  as  to 
occasion  any  increase  or  decrease  in  their  original  capital ;  or  to  alter  their  firm, 
by  selling  their  shares  to  one  another,  or  to  a  stranger;  I  would  in  all  such  cases 
ad.vise  that  the  old  books  be  balanced,  and  new  ones  commenced,  agreeably  to 
the  alteration  which  the  new  or  old  partner  must  necessarily  have  occasioned  in 
the  firm  or  capital. 

150 


SELECT    INSTRUCTIONS. 

If  the  loss  on  a  half  or  a  year's  trade  exceeds  the  gain,  it  will  stand  at  the 
debit  of  the  account  of  Profit  and  Loss,  and  that  account  must  necessarily  be 
journalized  thus : 

Sundries  Dr.  to  Profit  and  Loss, 
Each  partner's  account  in  Co.  for  his  share  of  the  loss. 

J3ut  when  therQ.  is  a  gain,  enter  it  as  I  have  done  the  reverse  way,  at  closing 
the  company  accounts.  Some  companies  and  individuals  keep  no  account  of 
stock  on  their  books,  but  make  the  account  of  balance  answer  in  lieu  of  it.  AU 
though  that  mode  would  do,  yet  I  would  not  recommend  its  adoption  ;  because  at 
the  time  of  balancing  the  books,  the  account  of  balance  would  not  show  each 
partner's  share  of  the  capital  in  so  satisfactory  a  manner,  as  by  opening  an  ac- 
count of  stock  for  their  capital  alone,  and  using  the  account  of  balance  solely  to 
show  the  balance  for  and  against  them ;  or,  in  other  words,  the  total  amount  of 
the  balances  due  them,  and  by  them.  How^ever,  as  some  merchants  may  prefer 
omitting  the  account  of  stock,  a  set  of  books  may  be  kept  without  it. 

How  to  dissolve  a  partnership  and  divide  the  stock  and  debts  in  the  most 
equitable  and  simple  manner. 

Previous  to  dissolving  a  partnership,  all  accounts  pending  should  be  furnished 
and  settled,  and  all  debts  due  by  the  company  paid  up.  If  a  partner  take  any  of 
the  merchandise  on  hand,  to  his  own  account,  enter  it  (the  same  as  to  any  other 
individual)  in  the  account  sales  of  merchandise,  and  journalize  it  with  the  monthly 
sales,  debiting  his  private  account  for  the  amount. 

Then  post  up  the  books  to  the  day  of  dissolution,  and  dispose  of  no  more 
goods  or  mercliandise,  till  you  have  taken  an  accurate  inventory  of  all  the  com- 
pany's stock,  and  cash  on  hand,  valuing  the  merchandise  at  first  cost,  or  current 
prices,  then  balance  the  books  in  the  usual  way»  to  show  each  partner's  share  of 
stock,  and  how  they  stand  with  one  another,  and  those  with  whom  they  deal. 
After  the  books  are  balanced,  open  new  accounts  with  each  partner,  and  entitle 
them,  his  account  of  the  division  of  stock,  at  the  dissolution  of  partnership.  Then 
credit  each  partner  in  said  new  account,  for  his  share  of  the  old  stock;  and  debit' 
each  partner  in  said  account,  with  the  balance  due  by  him  to  the  company  on 
his  old  private  account.  Should  there  be  various  kinds  of  goods  unsold  after 
the  dissolution  of  partnership,  and  the  company  agree  to  divide  them,  the  debts 
due  to  them,  and  the  cash,  bills,  and  notes  on  hand,  debit  each  partner's  account 
of  stock  at  the  dissolution,  with  the  amount  of  such  merchandise,  bills  and  notes 
and  cash  as  he  received,  valuing  the  merchandise' at  first  cost,  or  at  current 
prices,  and  charge  each  partner  with  the  full  amount  of  all  the  debts  that  may 
fall  to  his  lot,  notwithstanding,  there  may  be  good,  doubtful  and  bad  debts  amongst 
them,  otherwise  their  accounts  will  not  balance.  Under  these  circumstances, 
the  partners  should  mutually  agree  that  the  names  of  the  old  ^ryn  should  be  used 
by  each  of  them  in  sueing  for  outstanding  debts,  and  that  they  should  have  no 
claim  on  one  another,  for  their  losses  by  bad  debts,  or  expenses  in  recovering 
them,  thus  each  partner  abides  by  his  own  losses. 

If  the  company  should  prefer  selling  the  goods  on  hand,  rather  than  divide 
them,  and  wait  the  receipt  of  the  debts  due,  rather  than  take  them  to  their  own 
accounts,  and  in  the  end  they  leave  a  loss,  in  this  case,  give  each  partner  his  pro- 
portion  of  what  they  produce,  debit  his  account  of  stock  therewith,  and  after  doing 
so,  as  a  balance  must  appear  due  to  each  of  them,  close  their  accounts  by  debiting 
them  to  Profit  and  Loss,  for  the  difference,  because  the  merchandise  and  debts 
did  not  produce  what  they  were  valued  at,  and  no  other  property  remains  to 

151 


SELECT     IKSTUUCTIONS. 

make  good  the  deficit.    The  accounts  of  this  division  of  stock  should  be  kept 
by  double  entry,  commencing  thus  : 

General  account  of  Stock  at  the  dissolution  of  partnership  between  A.  B.  and 
C.  D.  Dr.  to  Sundries, .'^0,000  00 

To  each  partner  for  his  share,  (naming  them  in  separate  lines.) 

Having  now  given  every  instruction  which  I  consider  necessary,  relative  to 
individual  and  company  accounts,  nothing  more  remains  but  to  show  how  the 
division  of  profit  and  loss  among  partners  should  be  found  and  made  out  with 
ease  and  accuracy,  though  their  shares  of  stock  or  profit  and  loss  be  what  they 
may ;  and  this  the  following  calculations  in  partnership  will  clearly  show. 

How  to  divide  the  company's  loss  or  gain,  whether  their  shares  of  capital  be 
equal  or  unequal.  When  the  capital  is  divided  into  equal  shares,  each  partner's 
part  of  the  gain  or  loss,  or  net  proceeds,  is  found  by  dividing  the  whole  gain, 
loss,  or  net  proceeds,  by  the  number  of  partners.    For  example  : 

Three  partners,  A.  B.  &  C.  put  |?6,000  each  into  joint  stock.  When  their 
books  were  balanced,  they  found  a  net  gain  of  $12,000 ;  how  much  must  each 
partner's  account  in  Co.  be  credited  for  ? 

3  )  12,000  =  $4,000 

When  the  partners  not  only  put  into  the  company's  trade,  different  sums  for 
their  capital,  but  enter  or  withdraw  these  sums,  or  the  profits  on  them,  at  differ- 
ent periods,  and  perhaps  both,  each  partner's  share  of  gain,  loss,  or  proceeds, 
must  be  proportioned  to  his  share  of  the  capital,  and  the  time  it  was  employed. 
This  occasions  four  cases  ;  when  each  partner's  stock  differs  in  amount,  as  suits 
his  convenience,  or  as  may  be  agreed  upon,  let  the  whole  capital  be  the  first  term ; 
the  proceeds,  gain  or  loss,  the  second,  and  each  partner's  stock,  the  third ;  then 
will  the  share  of  gain,  loss,  or  proceeds,  due  to  or  by  that  partner  whose  share 
of  the  capital  was  the  third  term,  be  the  fourth  proportional. 

By  this  rule  you  can  ascertain  each  partner's  share  of  the  loss  or  gain  on  their 
general  trade  or  on  any  particular  transaction,  whether  their  shares  of  ca})ital  be 
equal  or  unequal. 

How  to  divide  tlie  company's  net  profits  and  net  stock,  when  a  salary  is  al- 
lowed the  manager.     Four  partners  were  equally  concerned  in  trade,  viz  :  A. 
B.  C.  and  D. ;  D.  was  manager,  at  the  end  of  the  year  there  was  found  a  clear 
gain  of  $6,000.    How  much  has  each  partner  to  draw;  the  manager,  besides  his 
equal  share  of  gain,  being  allowed  $800  a  year  for  his  trouble  ? 
$6,000 
Deduct         800 
4  )  5,200 


$1,300  due  to  each,  together  with  $800  to  D   for  management. 

Another  Example  ;— A.  B.  C.  and  D.  were  concerned  in  Philadelphia  ;  A.  had 

one-half,  and  B.  C.  and  D.  one-sixth  each ;  when  the  merchandise  was  sold  oil', 

and  the  debts  collected,  there  was  a  clear  gain  of  $24,000 :  what  is  each  partner's 

share  ? 

6  )  24,000 

4,000  to  B. 
4,000  to  C. 
4,000  to  D. 
12,000  to  A. 


$24,000  as  given. 
152 


INTEREST  TABLE  FOR  6  PER  CENT.     | 

ALLOW 

ING  360  DAYS  TO 

THE  YEAR.             1 

Rule Multiply  the  principal  by  the  number  opposite  the  days,  and  cut  off  3  right  hand  figuresj 

1 

Nos. 

Days. 

Nos. 

Days. 

Nos. 

Days. 

Nos. 

Days. 

209 

Nos. 

3483 

Days. 

Nos. 

Days. 
313 

5217 

17 

53 

883 

105 

1750 

157 

2617 

261 

4350 

2 

33 

54 

900 

106 

1767 

158 

2633 

210 

3500 

262 

4367 

314 

5233 

3 

50 

55 

917 

107 

1783 

159 

2650 

211 

3517 

263 

4383 

315 

5250 

4 

67 

56 

933 

108 

1800 

160 

2667 

212 

3533 

264 

4400 

316 

5267 

5 

83 

57 

950 

109 

1817 

161 

2683 

213 

3550 

265 

4417 

317 

5283 

6 

100 

58 

967 

110 

1833 

162 

2700 

214 

3567 

266 

4433 

318 

5300 

7 

117 

59 

983 

111 

1850 

163 

2717 

215 

3583 

267 

4450 

319 

5317 

8 

133 

60 

1000 

112 

1867 

164 

2733 

216 

3600 

268 

4467 

320 

5333 

9 

150 

61 

1017 

113 

1883 

165 

2750 

217 

3617 

269 

4483 

321 

5350 

10 

167 

62 

1033 

114 

1900 

166 

2767 

218 

3633 

270 

4500 

322 

5367 

11 

183 

63 

1050 

115 

1917 

167 

2783 

219 

3650 

271 

4517 

323 

5383 

12 

200 

64 

1067 

116 

1933 

168 

2800 

220 

3667 

272 

4533 

324 

5400 

13 

217 

65 

1083 

117 

1950 

169 

2817 

221 

3683 

273 

4550 

325 

5417 

14 

233 

66 

1100 

118 

1967 

170 

2833 

222 

3700 

274 

4567 

326 

5433 

15 

250 

67 

1117 

119 

1983 

171 

2850 

223 

3717 

275 

4583 

327 

5450 

16 

267 

68 

1133 

120 

2000 

172 

2867 

224 

3733 

276 

4600 

328 

5467 

17 

283 

69 

1150 

121 

2017 

173 

2883 

225 

3750 

277 

4617 

329 

5483 

18 

300 

70 

1167 

122 

2033 

174 

2900 

226 

3767 

278 

4633 

330 

5500 

19 

317 

71 

1183 

123 

2050 

175 

2917 

227 

3783 

279 

4650 

331 

5517 

20 

333 

72 

1200 

124 

2067 

176 

2933 

228 

3800 

280 

4667 

332 

5533 

21 

350 

73 

1217 

125 

2083 

177 

2950 

229 

3817 

281 

4683 

333 

5550 

22 

367 

74 

1233 

126 

2100 

178 

2967 

230 

3833 

282 

4700 

334 

5567 

23 

383 

75 

1250 

127 

2117 

179 

2983 

231 

3850 

283 

4717 

335 

5583 

24 

400 

76 

1267 

128 

2133 

180 

3000 

232 

3867 

284 

4733 

336 

5600 

25 

417 

77 

1283 

129 

2150 

181 

3017 

233 

3883 

285 

4750 

337 

5617 

26 

433 

78 

1300 

130 

2167 

182 

3033 

234 

3900 

286 

4767 

338 

5633 

27 

450 

79 

1317 

131 

2183 

183 

3050 

235 

3917 

287 

4783 

339 

5650 

28 

467 

80 

1333 

132 

2200 

184 

3067 

236 

3933 

288 

4800 

340 

5667 

29 

483 

81 

1350 

133 

2217 

185 

3083 

237 

3950 

289 

4817 

341 

5683 

30 

500 

82 

1367 

134 

2233 

186 

3100 

238 

3967 

290 

4833 

342 

5700 

31 

517 

83 

1383 

135 

2250 

187 

3117 

239 

3983 

291 

4850 

343 

5717 

32 

533 

84 

1400 

136 

2267 

188 

3133 

240 

4000 

292 

4867 

344 

5733 

33 

550 

85 

1417 

137 

2283 

189 

3150 

241 

4017 

293 

4883 

345 

5750 

34 

567 

86 

1433 

138 

2300 

190 

3167 

242 

4033 

294 

4900 

346 

5767 

35 

583 

87 

1450 

139 

2317 

191 

3183 

243 

4050 

295 

4917 

347 

5783 

36 

600 

88 

1467 

140 

2333 

192 

3200 

244 

4067 

296 

4933 

348 

5800 

37 

617 

89 

1483 

141 

2350 

193 

3217 

245 

4083 

297 

4950 

349 

5817 

38 

633 

90 

1500 

142 

2367 

194 

3233 

246 

4100 

298 

4967 

350 

5833 

39 

650 

91 

1517 

143 

2383 

195 

3250 

247 

4117 

299 

4983 

351 

5850 

40 

667 

92 

1533 

144 

2400 

196 

3267 

248 

4133 

300 

5000 

352 

5867 

41 

683 

93 

1550 

145 

2417 

197 

3283 

249 

4150 

301 

5017 

353 

5883 

42 

700 

94 

1567 

146 

2433 

198 

3300 

250 

4167 

302 

5033 

354 

5900 

43 

717 

95 

1583 

147 

2450 

199 

3317 

251 

4183 

303 

5050 

355 

5917 

44 

733 

96 

1600 

148 

2467 

200 

3333 

252 

4200 

304 

5067 

356 

5933 

45 

750 

97 

1617 

149 

2483 

201 

3350 

253 

4217 

305 

5083 

357 

5950 

46 

767 

98 

1633 

150 

2500 

202 

3367 

254 

4233 

306 

5100 

358 

5967 

47 

783 

99 

1650 

151 

2517 

203 

3383 

255 

4250 

307 

5117 

359 

5983 

48 

800 

100 

1667 

152 

2533 

204 

3400 

256 

4267 

308 

5133 

360 

6000 

49 

817 

101 

1683 

153 

2550 

205 

3417 

257 

4283 

309 

5150 

50 

833 

102 

1700 

154 

2567 

206 

3433 

258 

4300 

310 

5167 

51 

850 

103 

1717 

155 

2583 

207 

3450 

259 

4317 

311 

5183 

52 

867 

104 

1733 

156  2600 

208 

3467 

260 

4333 

312 

5200 

153 


INTEREST  TABLE  FOR  7  PER  CENT.     | 

ALLOWI 

NG  365  DAYS  TO  THE 

YEAR.             1 

Rule.— Multiply  the  principal  by  the  number  opposite  the  days,  and  cut  off3  right  hand  figures.! 

D^s. 
1 

Nos^ 

19 

Days. 
53 

Nos. 

Days. 

Nos. 

Days. 

Nos. 

Days. 

209 

Nos. 

4009 

Days. 
261 

Nos. 

5006 

Days.l  Nos.  | 

1017 

105 

2014 

157 

3011 

313 

6003 

2 

38 

54 

1036 

106 

2033 

158 

3030 

210 

4028 

262 

5025 

314 

6023 

3 

58 

55 

1055 

107 

2052 

159 

3050 

211 

4047 

263 

5044 

315 

6042 

4 

11 

56 

1074 

108 

2071 

160 

3069 

212 

4066 

264 

5064 

316 

6061 

6 

96 

57 

1093 

109 

2091 

161 

3088 

213 

4085 

265 

5083 

317 

6080 

6 

115 

58 

1112 

110 

2110 

162 

3107 

214 

4105 

266 

5102 

318 

6100 

7 

134 

59 

1132 

HI 

2129 

163 

3126 

215 

4124 

267 

5121 

319 

6118 

8 

153 

60 

1151 

112  21481 

164 

3146 

216 

4143 

268 

5140 

320 

6138 

9 

173 

61 

1170 

113 

2167 

165 

3165 

217 

4162 

269 

5159 

321 

6157 

10 

192 

62 

1189 

114 

2187 

166 

3184 

218 

4181 

270 

5179 

322 

6176 

11 

211 

63 

1208 

115 

2206 

167 

3203 

219 

4200 

271 

5198 

323 

6195 

12 

230 

64 

1228 

116 

2225 

168 

3222 

220 

4220 

272 

5217 

324 

6214 

13 

249 

65 

1247 

117 

2244 

169 

3241 

221 

4239 

273 

5236 

325 

6233 

14 

269 

66 

1266 

118 

2263 

170 

3261 

222 

4258 

274 

5255 

326 

6253 

15 

288 

67 

1285 

119 

2282 

171 

3280 

223 

4277 

275 

5274 

327 

6272 

16 

307 

68 

1304 

120 

2302 

172 

3299 

224 

4296 

270 

5294 

328 

6291 

17 

326 

69 

1323 

121 

2321 

173 

3318 

225 

4315 

277 

5313 

329 

6310 

18 

345 

70 

1343 

122 

2340 

174 

3337 

226 

4335 

278 

5332 

330 

6329 

19 

364 

71 

1362 

123 

2359 

175 

3356 

227 

4354 

279 

5351 

331 

6349 

20 

384 

72 

1381 

124 

2378 

176 

3376 

228 

4373 

280 

5370 

332 

6368 

21 

403 

73 

1400 

125 

2397 

177 

3395 

229 

4392 

281 

5390 

333 

6387 

22 

422 

74 

1419 

126 

2417 

178 

3414 

230 

4411 

282 

5409 

334 

6406 

23 

441 

75 

1438 

127 

2436 

179 

3433 

231 

4431 

283 

5428 

335 

6425 

24 

460 

76 

1458 

128 

2455 

180 

3452 

232 

4450 

284 

5447 

336 

6444 

25 

479 

77 

1477 

129 

2474 

181 

3472 

233 

4469 

285 

5466 

337 

6464 

26 

499 

78 

1496 

130 

2493 

182 

3491 

234 

4488 

286 

5485 

338 

6483 

27 

518 

79 

1515 

131 

2513 

183 

3510 

235 

4507 

287 

5505 

339 

6502 

28 

537 

80 

1534 

132 

2532 

184 

3529 

236 

4526 

288 

5524 

340 

6521 

29 

556 

81 

1554 

133 

2551 

185 

3548 

237 

4540 

289 

5543 

341 

6540 

30 

575 

82 

1573 

134 

2570 

186 

3567 

238 

4565 

290 

5502 

342 

6560 

31 

595 

83 

1592 

135 

2589 

187 

3587 

239 

4584 

291 

5581 

343 

6579 

32 

614 

84 

1611 

136 

2608 

188 

3606 

240 

4603 

292 

5600 

344 

6598 

33 

633 

85 

1630 

137 

2628 

189 

3625 

241 

4622 

293 

5620 

345 

6617 

34 

652 

86 

1649 

138 

2647 

190 

3644 

242 

4642 

294 

5639 

346 

6636 

35 

671 

87 

1669 

139 

2666 

191 

3663 

243 

4661 

295 

5658 

347 

6655 

36 

690 

88 

1688 

140 

2685 

192 

3683 

244 

4680 

296 

5677 

348 

6675 

37 

710 

89 

1707 

141 

2704 

193 

3702 

245 

4699 

297 

5696 

349 

6694 

38 

729 

90 

1726 

142 

2724 

194 

3721 

246 

4718 

298 

5716 

350 

6713 

39 

748 

91 

1745 

143 

2748 

195 

3740 

247 

4737 

299 

5735 

351 

6732 

40 

767 

92 

1765 

144 

2762 

196 

3759 

248 

4757 

300 

5754 

352 

6751 

41 

786 

93 

1784 

145 

2781 

197 

3778 

249 

4776 

301 

5773 

353 

6770 

42 

806 

94 

1803 

146 

2800 

198 

3798 

250 

4795 

302 

5792 

354 

6790 

43 

825 

95 

1822 

147 

2819 

199 

3817 

251 

4814 

303 

5812 

355 

6809 

44 

844 

96 

1841 

148 

2839 

200 

3836 

252 

4833 

304 

5831 

356 

6828 

45 

863 

97 

1860 

149 

2858 

201 

3855 

253 

4853 

305 

.5850 

357 

6847 

46 

882 

98 

1880 

150 

2877 

202 

3874 

254 

4872 

306 

5869 

358 

6866 

47 

901 

99 

1899 

151 

2896 

203 

3894 

255 

4891 

307 

5888 

359 

6886 

48 

921 

100 

1918 

152 

2915 

204 

3913 

256 

4910 

308 

5907 

360 

6905 

49 

940 

101 

1937 

153 

2935 

205 

3932 

257 

4929 

309 

5927 

361 

6924 

§50 

959 

102 

1956 

154 

2954 

206 

3951 

258 

4948 

310 

5946 

362 

6943 

51 

978 

103 

1976 

155 

2973 

207 

39701259 

4968 

311 

5965 

363 

6962 

52 

997 

104 

1995 

156 

2992 

208 

3989 

1260 

4987 

312 

5984 

364 

16981 

154 


INTEREST  TABLE  FOR  8  PER  CENT.     | 

ALLOWING  360  DAYS  TO  THE 

YEAR.             1 

Rule.— Multiply  tlie  principal  by  the  number  opposite  the  days,  and  cut  off  3  ri^ht  hand  figures.} 

D's. 

Nos. 

Days. 

Nos. 

Days. 
105 

Nos. 

Days. 

Nos. 

Days. 
209 

Nos. 

4644 

Days. 

Nos. 

Days. 

Nos 

1 

22 

53 

1178 

2333 

157 

3489 

261 

5800 

313 

6956 

2 

44 

54 

1200 

106 

2356 

158 

3511 

210 

4667 

262 

5822 

314 

6978 

3 

67 

55 

1222 

107 

2378 

159 

3533 

211 

4689 

263 

5844 

315 

7000 

4 

89 

56 

1244 

108 

2400 

160 

3556 

212 

4711 

264 

5867 

316 

7022 

5 

HI 

57 

1267 

109 

2422 

161 

3578 

213 

4733 

265 

5889 

317 

7044 

6 

133 

58 

1289 

110 

2444 

162 

3600 

214 

4756 

266 

5911 

318 

7067 

7 

156 

59 

1311 

111 

2467 

163 

3622 

215 

4778 

267 

5933 

319 

7089 

8 

178 

60 

1333 

112 

2489 

164 

3644 

216 

4800 

268 

5956 

320 

7111 

9 

200 

61 

1356 

113 

2511 

165 

3667 

217 

4822 

269 

5978 

321 

7133 

10 

222 

62 

1378 

114 

2533 

166 

3689 

218 

4844 

270 

6000 

322 

7156 

11 

244 

63 

1400 

115 

2556 

167 

3711 

219 

4867 

271 

6022 

323 

7178 

12 

267 

64 

1422 

116 

2578 

168 

3733 

220 

4889 

272 

6044 

324 

7200 

13 

289 

65 

1444 

117 

2600 

169 

3756 

221 

4911 

273 

6067 

325 

7222 

14 

311 

66 

1467 

118 

2622 

170 

3778 

222 

4933 

274 

6089 

326 

7244 

15 

333 

67 

1489 

119 

2644 

171 

3800 

223 

4956 

275 

6111 

327 

7267 

16 

356 

68 

1511 

120 

2667 

172 

3822 

224 

4978 

276 

6133 

328 

7289 

17 

378 

69 

1533 

121 

2689 

173 

3844 

225 

5000 

277 

6156 

329 

7311 

18 

400 

70 

1556 

122 

2711 

174 

3867 

226 

5022 

278 

6178 

330 

7333 

19 

422 

71 

1578 

123 

2733 

175 

3889 

227 

5044 

279 

6200 

331 

7356 

20 

444 

72 

1600 

124 

2756 

176 

3911 

228 

5067 

280 

6222 

332 

7378 

2J 

467 

73 

1622 

125 

2778 

177 

3933 

229 

5089 

281 

6244 

333 

7400 

22 

489 

74 

1644 

126 

2800 

178 

3956 

230 

5111 

282 

6267 

334 

7422 

23 

511 

75 

1667 

127 

2822 

179 

3978 

231 

5133 

283 

6289 

335 

7444 

24 

533 

76 

1689 

128 

2844 

180 

4000 

2.32 

5156 

284 

6311 

336 

7467 

25 

556 

77 

1711 

129 

2867 

181 

4022 

233 

5178 

285 

6333 

337 

7489 

26 

578 

78 

1733 

130 

2889 

182 

4044 

234 

5200 

286 

6356 

338 

7511 

27 

600 

79 

1766 

131 

2911 

183 

4067 

235 

5222 

287 

6378 

339 

7533 

28 

622 

80 

1778 

132 

2933 

184 

4089 

236 

5244 

288 

6400 

340 

7556 

29 

644 

81 

1800 

133 

2956 

185 

4111 

237 

5267 

289 

6422 

341 

7578 

30 

667 

82 

1822 

134 

2978 

186 

4133 

238 

5289 

290 

6444 

342 

7600 

31 

689 

83 

1844 

135 

3000 

187 

4156 

239 

5311 

291 

6467 

343 

7622 

32 

711 

84 

1867 

136 

3022 

188 

4178 

240 

5333 

292 

6489 

344 

7644 

33 

733 

85 

1889 

137 

3044 

189 

4200 

241 

5356 

293 

6511 

345 

7667 

34 

756 

86 

1911 

138 

3067 

190 

4222 

242 

5378 

294 

6533 

346 

7689 

35 

778 

87 

1933 

139 

3089 

191 

4244 

243 

5400 

295 

6556 

347 

7711 

36 

800 

88 

1956 

140 

3111 

192 

4267 

244 

5422 

296 

6578 

348 

7733 

37 

822 

89 

1978 

141 

3133 

193 

4289 

245 

5444 

297 

6600 

349 

7756 

38 

844 

90 

2000 

142 

3156 

194 

4311 

246 

5467 

298 

6622 

350 

7778 
7800 

39 

867 

91 

2022 

143 

3178 

195 

4333 

247 

5489 

299 

6644 

351 

40 

889 

92 

2044 

144 

3200 

196 

4356 

248 

5511 

300 

6667 

352 

7822 

41 

911 

93 

2067 

145 

3222 

197 

4378 

249 

5533 

301 

6689 

353 

7844 

42 

933 

94 

2089 

146 

3244 

198 

4400 

250 

5556 

302 

6711 

354 

7867 

43 

956 

95 

2111 

147 

3267 

199 

4422 

251 

5578 

303 

6733 

355 

7889 

44 

978 

96 

2133 

148 

3289 

200 

4444 

252 

5600 

304 

6756 

356 

7911 

45 

1000 

97 

2156 

149 

3311 

201 

4467 

253 

5622 

305 

6778 

357 

7933 

46 

1022 

98 

2178 

150 

3333 

202 

4489 

254 

5644 

306 

6800 

358 

7956 

47 

1044 

99 

2200 

151 

3356 

203 

4511 

255 

5667 

307 

6822 

359 

7978 

48 

1067 

100 

2222 

152 

3378 

204 

4533 

256 

5689 

308 

6844 

360 

8000 

49 

1089 

101 

2244 

153 

3400 

205 

4556 

257 

5711 

309 

6867 

50 

nil 

102 

2267 

154 

3422 

206 

4578 

258 

5733 

310 

6889 

51 

1133 

103 

2289 

155 

3444 

207 

4600 

259 

5756 

311 

6911 

52 

1156  104 i 

2311 

156 

3467 

208 

4622  260' 

5778  3121 

6933    1 

155 


COMMERCIAL   REGULATIONS, 


ESTABLISHED    BY    THE     BALTIMORE     BOARD     OF    TRADE. 


COMMISSIONS. 
The  following  rates  to  be  charged  if  no  agreement  to  the  contrary  exist. 

Domestic.  Foreign. 

On  sales  of  Merchandise, per  cent.  2i  5 

on  Stocks, i  1 

Bills  of  Exchange,  if  endorsed, 2|  2i 

do.  do.  not  endorsed, i  i 

Purchases  of  Merchandise,  in  funds, 2|  2i 

do.  do.  in  advance, 2i  5 

do.        of  Stocks  and  Bills  of  Exchange, i  1 

Accepting  or  endorsing,  without  funds, 2i  2i 

Collecting  Freights,  2i  2| 

Procuring        do 2|  2i 

Disbursements  of  Vessels, 2|  2| 

do.  do.      without  funds, 2i  5 

Effecting  Insurance  when  the  premium  does  not  exceed  10  p.  c.     |  ^ 

do.  do.        if  the  premium  is  above  10  per  cent,  on  the 

amount  of  premium, 5  5 

Adjusting  and  collecting  losses  insured  if  not  disputed  or  litigated,  1  i  2i 

do.  do.      delayed  or  litigated  accounts, 2^  6 

Entering  and  forwarding  Goods,  on  the  amount  of  Duties  and 

Charges, 2i  2i 

Advancing  money  on  letters  of  Credit,  or  otherwise, 2|  2^ 

On  consignments  of  Merchandise  withdrawn  or  reshipped,  full  commission  to 
be  charged  on  the  amount  of  advances,  or  responsibilities  incurred — and  half 
commission  on  the  residue  of  the  value. 

The  above  commissions  are  exclusive  of  guarantee  for  sales  on  Credit,  Auction 
duty  and  Commissions,  Storage,  Brokerage,  and  every  other  expense  actually 
incurred. 


FREIGHT    AND    FREIGHTING. 

If  a  vessel  is  freighted  by  the  Ton,  and  no  special  agreement  is  made  reject- 
ing the  prdportions  at  which  each  article  shall  he  computed,  the  following 
shaU  be  tfte  standard  of  computation,  viz  : 

2240  lbs.  Pig  and  Bar  Iron,  Lead,  Copper,  Logwood,  Fustic,  and  other  ^    g 


2000 

"  N 

2240 

«  N 

1830 

«   « 

1600 

«   (( 

1300 

«   « 

1120 

((   « 

1110 

((   ( 

952 

((   « 

800 

(.      * 

700 

«  (t 

1120 

((   « 

heavy  Dye  Woods, 
Nicarauga  and  Brazilletto  Wood, . 

Net  Sugar  and  Rice  in  casks 

Coffee  in  bags, 

**      in  casks, 

Cocoa  in  bags  or  bulk, 

«*      in  casks, 

Pimento  in  bags, 

«<         in  casks, 

Ship  Bread  in  bags, 

"       «     in  casks, 

Dried  Hides, ,..,.« 


r 


156 


COMMERCIAL    REGULATIONS. 


900  lbs.  Net  Weight  Green  Teas  and  China  Raw  Silk, , 

1120    "     "        "        Bohea  and  other  Black  Tea, , 

1500    "      "        "        Virginia  Tobacco  in  hhds , 

1300    «      "        «        Kentucky    do.  do 

1000    "      "        «'        Maryland     do.  do 

8  bbla.  Flour  of  196  lbs.  net, 

7    •'    Beef,  Pork,  and  Tallow, 

7    "    Naval  Stores,  and  Pickled  Fish, , 

200  gals.  Wine  Measure — estimating  the  full  contents  of  the  cask  of  Oil 

Wine,  Brandy,  &c , 

22  bush.  Grain,  Peas,  Beans,  &c.  in  casks, , 

40    "        "         "        "  in  bulk, , 

40    "    Liverpool  Blown  Salt  in  bulk, , 

34    "  "  Ground  "  "     

81    "     St.  Ubes,  Cape  de  Verds,  &c.  in  bulk, 

30    "    West  India  Salt  in  bulk, 

30    "     Sea  Coal  in  bulk 

40  eubic  ft.  of  Plank,  Boards,  Timber,  Bale  Goods,  Packages  and  Boxes, 

In  estimating  the  contents  in  cubic  feet,  of  various  packages  and  goods,  the 
following  shall  be  the  standard. 

A  Flour  barrel, 5  feet. 

A  tierce  of  Rice, 15    *• 

A  hhd.  of  Flaxseed, 12    " 

A  hhd.  of  Virginia  Tobacco, ^ 45    " 

A  hhd.  of  Kentucky,  Georgia,  and  Carolina, 40    ** 

A  hhd.  of  Maryland  and  Ohio, 35    « 

5  bushels  of  Grain  in  bulk, 5    « 

In  computing  boxes  of  Candles  and  Soap,  kegs  of  Butter  and  Lard,  Hams,  and 
Bacon — and  generally  all  similar  articles,  200  lbs.  net  weight  shall  be  considered 
equal  to  a  barrel  of  5  cubic  feet. 

All  goods  brought  to  this  port  on  freight,  must  be  delivered  on  a  wharf,  at  the 
expense  of  the  vessel  bringing  the  same — a  delivery  after  due  notice  on  any  good 
wharf  at  Fell's  Point  during  business  hours,  is  a  delivery  in  the  city  and  port  of 
Baltimore.  Hides  and  articles  prohibited  to  be  landed  in  the  city  at  certain  periods 
may  be  landed  where  the  public  authorities  may  direct. 

In  all  cases  when  vessels  are  obliged  (by  the  quarantine  regulations,  or  city 
authorities)  to  discharge  their  cargo  in  the  stream,  the  expense  of  delivering  the 
same  East  of  Jones'  Falls,  will  be  oorne  by  the  carrier  only.  But  when  requested 
by  the  consignee  to  be  delivered  West  of  Jones'  Falls,  then  the  expense  shall  be 
equally  borne  by  the  carrier  and  consignee,  (each  one-half.) 

If  a  vessel  is  chartered  for  a  voyage  out  and  home,  each  shipper  shall  be  entitled 
to  his  fair  proportion  of  the  whole  homeward  freight,  pro  rata,  of  the  bulk  or  space 
occupied  by  each  shipper  on  the  outward  voyage. 

In  all  cases  where  a  vessel  is  chartered  or  freighted  for  a  voyage  out  and  home 
the  freighter,  or  charterer,  is  bound  to  furnish  sufficient  cargo  or  ballast  at  the 

Eort  of  discharge  of  the  outward  cargo,  to  enable  said  vessel  to  return  safely 
ome,  and  the  same  from  port  to  port,  where  the  charter  provides  for  more  than 
one  port.    Provided  no  agreement  to  the  contrary  is  made  by  the  parties. 


WEIGHTS    AND    TARES. 

Sugar,  Copperas,  Alum,  Brimstone,  Shot,  Lead,  Iron,  Steel,  Hemp,  Dye 
Woods,  and  all  other  articles  heretofore  sold  by  the  cwt.  of  112  lbs.  or  ton  of  2240 
lbs.  shall  in  future  be  sold  by  the  decimal  hundred  of  100  lbs.  or  ton  of  2000  lbs. 

157 


COMMERCIAL    II  E  Gr  UL  ATION  S. 


Tares  shall  be  allowed  asfolloios: 

Sugar  in  hhds.  or  tierces,  12  per  cent. — in  Cuba  boxes,  15  per  cent. — in  flour 
bbls.  22  lbs.  each — do.  in  linen  bags,  3  per  cent. — and  in  all  other  packages  the 
actual  tare. 

Coffee  in  linen,  single  gunny,  and  grass  bags,  2  percent. — in  flour  bbls.  20 
lbs. — in  all  other  packages  the  actual  tare. 

Cocoa  in  bags,  2  per  cent. 

Pepper  in  linen  or  single  gunny  bags,  2  per  cent. — in  other  packages  the  actual 
tare. 

Pimento  in  linen  or  single  gunny  bags,  3  per  cent. — in  other  packages  the 
actual  tare. 

Rice  in  tierces  and  half  tierces,  10  per  cent. 

Copperas,  10  per  cent,  in  hhds. 

Teas,  Green,  whole  chests,  20  lbs. — half  do.  the  Canton  tare — do.  Black  do.  do. 
22  lbs do.  three-quarter  chests,  18  lbs. — other  packages  the  actual  tare. 

Cassia  in  mats,  10  per  cent. — Boxes  and  other  packages  the  actual  tare. 

Indigo  in  seroons,in  single  hides,  11  per  cent. — in  all  other  cases  the  actual  tare. 

Alum,  Brimstone,  Ginger,  Nutmegs,  Mace,  Cloves,  Almonds,  Figs,  Cheese, 
Soap,  Candles,  Chocolate,  Currants,  Prunes,  Starch,  and  all  other  articles  not 
before  mentioned,  the  actual  tare. 

No  charge  shall  be  made  for  casks,  barrels,  boxes,  or  other  packages  whatever. 

Drafts  asfolloivs: 
On  all  weights  even  beam — quarter  per  cent,  to  be  allowed  for  draft. 


STORA  GE. 

Per  Month. 
Hhds.  of  Sugar,  Tobacco,  Molasses,  Rum,  Oil,  Pipes  of  Wine,  Brandy, 

and  Gin, 25  cents. 

Hhds.  Coffee,  Copperas,  Codfish,  and  Tallow, 20      «♦ 

Tierces  of  Sugar,  Rum,  Molasses,  and  half  pipes, 16      " 

Tierces  of  Rice,  Coffee,  Flaxseed,  Alum,  &,c 12|    « 

Barrels  of  Rum,  Whiskey,  Sugar,  Beef,  Pork,  Fish,  Cheese,  Oil,  and 

quarter  Casks  Wine, 6      «« 

Bbls.  Flour.  Coffee,  and  other  dry  articles 3      " 

Boxes  of  Cuba  Sugar, 8      " 

"      of  Fish,  Wine,  Oil,  Lemons,  and  Oranges, 3      " 

"      of  Soap,  Candles,  Cheese,  Tin,  Raisins,  and  drums  of  Figs,. . .    1      " 

Bags  of  Coffee,  Cocoa,  Pepper,  and  Pimento, 2      " 

Bales  of  Cotton  and  Hempen  Yarn,  about  300  lbs 12^    " 

Bales  of  India  piece,  and  other  similar  goods, lO"    " 

Indigo  in  seroons,  4  cents — in  cases, 10      " 

Tea  in  chests,  3  cents— half  do.  2  cents — boxes, 1      « 

Kegs  of  Butter,  Lard,  Tobacco,  Nails,  Raisins, 3      " 

Hides,  dried, 1      " 

Hemp,  per  ton, 50      '• 

Cordage,  per  ton,- 30      «* 

Iron  and  Lead,  per  ton 20      " 

Dye  Woods,  per  ton 25      " 

Hampers  of  Bottles,  &c 10      " 

Crates  of  Earthenware, 20      " 

Salt  per  bushel, 3    « 

The  owners  of  goods  to  be  at  the  expense  of  putting  them  in  store  and  deliver- 
ing them. 

All  goods  stored  to  be  subject  to  one  month's  storage  if  in  store  ten  days.  If 
less  than  ten  days  half  a  month's  storage. 

The  risk  of  loss  by  fire,  robbery,  theft,  and  other  unavoidable  occurrences, 
is  in  all  cases  to  be  borne  by  the  owner  of  the  goods  :  Provided  usual  care  be 
taken  lor  the  security  of  the  property.  ; 

158 


EUROPEAN    COINS 

RKDVCED    TO    DOIiliARS    AND    CKNTS, 


GREAT   BRITAIN. 

Farthing, $  .00.46 

Penny, 01.85 

Shilling, 22.22 

Crown,  or  5  shillings,    ..    1.11.16 

Pound, 4.44.44 

Guinea,  21  shillings,  .  .  .    4.66.66 

FRANCE. 

Denier, 00.08 

Sol,  or  12  deniers, 00.92 

Livre  Tournois,  or  20  sols,     .18.52 
Ecu,  or  Crown,  6  livres,  .    1.10.00 

Pistole,  10  livres, 1.85.17 

Louis  d'or, 4.44.44 

Franc, 18.74 

Five  Francs, 93.70 

SPAIN. 

Marvedie, 00.30 

Rial, 10.00 

Pistarine, .20.00 

Piaster  of  ex, 80.00 

Dollar, 1.00.00 

Ducat  of  ex, 1.10.18 

Pistole, 3.60.00 

HOLLAND. 

Stiver, 01.94 

Scalin, 11.64 

Guilder,  or  Florin, 38.80 

Rix  Dollar, 97.00 

Ducat, 2.07.86 

Gold  Ducat, 8,00.00 

PORTUGAL. 

Re, 00.12 

Vintin, 02.50 

Testoon, 12.50 

Crusade  of  ex, 50.00 

Milre, 1.25.00 

Moidore, 6.00.00 

Joanese, 8.00.00 

ITALY. 

Soldi, 00.80 

Cheveiet, 03.18 

Lire, 15.92 

Testoon, 23.88 

Croisade, 79.60 

Pezzo  of  ex, -     .92.60 

Genouine, 1.36.12 

Pistole, 3.20.00 

SWITZERLAND. 

Fenning, 00.24 

Cruitzer, 00.92 

Sol 02.77 


Gulden, $  .55.55 

Rix  Dollar, 1.00.00 

AUSTRIA. 

Cruitzer 00.86 

Grosh, 03.14 

Batzen, 03.44 

Gould, 51.87 

Rix  Dollar, 77.77 

Ducat, 2.07.40 

SWEDEN. 

Stiver, 00.72 

Copper  Marc, 02.88 

Silver  Marc, -08.64 

Copper  Dollar, 11.52 

Caroline, 25.92 

Rix  Dollar, 1.03.70 

Ducat, 2.07.40 

DENMARK. 

Skiiling, 01.04 

Duggen, 06.24 

Marc, 16.66 

Rix  Marc, 20.83 

Rix  Ort, 25.00 

Crown, 66.66 

Rix  Dollar, 1.00.00 

Ducat^ 8.83.34 

PRUSSIA. 

Grosh, 00.86 

I    Coustic, 04.32 

Tinse, 12.96 

Ort, 15.55 

Florin, 25.92 

Rix  Dollar, 77.76 

Ducat, 2.07.40 

Frederic  d'or, 3.88.80 

RUSSIA. 

Altin, 03.00 

Grievener, 10.00 

Polpotin, 25.00 

PoJtin, 50.00 

Ruble, 1.00.00 

Zervonitz, 2.00.00 

TURKEY. 

Mangar, 00.28 

Asper, 01.12 

Parac, 03.33 

Bestic, 05.55 

Estic, 11.11 

Solata, 22.22 

Piaster, 88.88 

Caragrouch, 1.11.10 

Xeriff, 2.22.20 


Note.— The  value  of  a  Pound  sterling  (established  by  Congress)  is  $4.80. 
"  "        Sovereign  "  «  $4.85. 


59 


FEDERAL  VALUE  OP  STERLING  MONEY,                | 

From  one 

farthing  to  100,001)  pounds,— the  par  value  of  one  pound  being  $4.44.4444.      | 

Pence.           DolU.  Cents. 

Shillings. 

Dolls.  Cents. 

Pounds. 

Dolls.  Cents. 

i  equal  to  . 

.  .     0.4629 

17  equal  to  . 

.  .  3.77.7777 

90  equal 

to  400.00.0000 

i      " 

.  .     0.9259 

18     « 

.  .  4.00.0000 

100  « 

444.44.4444 

!  « 

.  .     1.8518 

19     " 

.  .  4.22.2222 

200  « 

888.88.8888 

2     " 

.  .     3.7037 

IjG" 

.  •  4.44.4444 

300  " 

1,333.33.-3333 

3     « 

.  .     5.5555 

2    " 

.  .  8.88.8888 

400  " 

1,777.77.7777 

4     " 

.  .     7.4074 

3     « 

.    13.33.3333 

500  « 

2,222.22.2222 

5     " 

.  .     9.2592 

4     " 

.    17.77.7777 

600  « 

2,666.66.6666 

6     " 

.  .  11.1111 

5     " 

.    22.22.2222 

700  " 

3,111.11.1111 

7     " 

.  .  12.9629 

6     « 

26.66.6666 

800  " 

3,555.55.5555 

8     « 

.  .  14.8148 

7     « 

.    31.11.1111 

900  " 

4,000.00.0000 

9     •' 

.  .  16.6666 

8     « 

35.55.5555 

1,000  " 

4,444.44.4444 

10     " 

.  .  18.5185 

9     " 

40.00.0000 

2,000  " 

8,888.88.8888 

11     « 

.  .  20.3703 

10     " 

.    44.44.4444 

3,000  «     13,3.33.33.3333 

12     " 

.  .  22.2222 

11     " 

48.88.8888 

4,000  «     17,777.77.7777 

2s.  " 

.  .  44.4444 

12     « 

.    53.33.3333 

5,000  "    22,222.22.2222 

3     «         . 

.  .  66.6666 

13     " 

.    57.77.7777 

6,000  «     26,666.66.6666 

4     « 

.  .  88.8888 

14     " 

.    62.22.2222 

7,000  «     31,111.11.1111 

5     «' 

.  1.11.1111 

15     « 

.   66.66.6666 

8,000  "     35,555.55.5555 

6     " 

.  1.33.3333 

16     « 

.   71.11.1111 

9,000  "     40,000.00.0000 

7     " 

.  1.55.5555 

17     " 

.    75.55.5555 

10,000  "     44,444.44.4444 

8     " 

.  1.77.7777 

18     " 

.    80.00.0000 

20,000  "     88,888.88.8888 

9    « 

.  2.00.0000 

19     «* 

S4.44.4444 

30,000  "  133,333.33.3333 

10     « 

.  2.22.2222 

20     " 

88.8S.8S88 

40,000  «  177,777.77.7777 

11     " 

.  2.44.4444 

30     " 

133.33.33.33 

50,000  "  222,222.22.2222 

12     " 

.  2.66.6666 

40     " 

177.77.7777 

60,000  "  266,666.66.6666 

13     « 

.  2.88.8888 

50     " 

.  222.22.2222 

70,000  "  311,111.11.1111 

14     " 

.  3.11.1111 

60     " 

266.66.6666 

80,000  "  355,555.55.5555 

15     " 

.  3.33.3333 

70     « 

311.11.1111 

90,000  "  400,000.00.0000 

16     " 

.  3.55.55.55180     " 

355.55.5555 

100,000  "  444,444.44.4444 

F] 

BDERAL  VALUE  C 

)F   STERL 

ING  MONEY, 

AS   ESTABLISH 

ED    BY   CO 

NGRESS. 

From  o 

ic  farthing  to  1,000  pounds,- 

-the  par  value 

of  one  pound  being  )f4.80.           1 

Pence. 

Dolls.Cts. 

Shillings. 

Bolls.  Cts. 

Pounds. 

Dolls.  Cts.  \ 

\  equal  to  • 

S 

10  equal  to    • 

....  2.40 

12  equal  to 

....  57.60  1 

h     " 

1 

11      " 

....  2.64 

13    " 

.   .  62.40 

i    "       . 

2 

12     " 

....  2.88 

14     " 

.  .  67.20 

2     « 

4 

13     " 

.  .  .  .  3.12 

15     « 

.  .  72.00 

3    " 

6 

14     « 

.  .  .  .  3.36 

16     " 

.  .  76.80 

4    « 

8 

15     " 

.  .  .  .  3.60 

17    " 

.  .  81.60 

5    « 

....    10 

16     " 

....  3.84 

18     " 

.  .  86.40 

6     « 

....    12 

17     " 

.  .  .  .  4.08 

19    « 

.  .  91.20 

7    « 

....    14 

18     « 

.  .  .  .  4.32 

20     " 

.  .  .96.00 

8     « 

....    16 

19     «« 

.  .  .  .  4.56 

30     " 

.    144.00 

9     « 

....    18 

1£« 

....  4.80 

40     " 

.    192.00 

10     « 

....    20 

2     " 

.  .  .  .  9.60 

.50     " 

.    240.00 

11     " 

....    22 

3     " 

.  .  .    14.40 

60     " 

.    288.00 

Is.  « 

....    24 

4     " 

.  .  .    19.20 

70     " 

.    336.00 

2    « 

....    48 

5     " 

.  .  .    24.00 

80     " 

.    384.00 

3     « 

....    72 

6     «' 

.   .  .    28.80 

90     " 

.    4.32.00 

4     " 

....    96 

7     « 

.  .  .    33.60 

100     « 

.    480.00 

5     ♦' 

.  .  .    1.20 

8    " 

.  .  .    38.40 

200     " 

.    960.00 

6    " 

.  .  .    1.44 

9     " 

.  .  .    43.20 

300     " 

1,440.00 

7    " 

.  .  .    1.68 

10     « 

.  .  .    48.00 

400     " 

1,920.00 

8     « 

.  .  .    1.92 

11     « 

.  .  .    52.80 

500     " 

2,400.00 

9     « 

.  .  .    2.16 

1000     " 

4,800.00 

160 


PART   V 


VOCABULARY  OF  COMMERCIAL  TERMS. 


ACCEPTANCE,  means  an  engagement  of  the  person  drawn  upon  to 
pay  the  bill  at  maturity.  This  form  renders  the  bill  current,  and 
the  usual  method  is  to  write  the  word  "Accepted,"  with  the  ac- 
ceptor's name  on  the  face  of  the  bill. 

AN  ABSOLUTE  ACCEPTANCE,  is  an  engagement  to  pay  the  bill 
according  to  its  tenor.  tAt  present,  the  usual  mode  of  making  such 
acceptance,  is  either  by  writing  on  the  bill  the  word  ""'Accepted," 
and  subscribing  the  drawee's  name ;  or  it  may  be  by  merely  writing 
the  name,  either  at  the  bottom,  or  across  the  bill.  Where  a  bill 
payable  after  sight  is  accepted,  it  is  usual  and  proper  also  to  write 
the  day  on  which  the  acceptance  is  made.  And  if  on  production  of 
such  a  bill  an  acceptance  appears  to  have  been  written  by  the 
defendant,  under  a  date  which  is  not  in  his  hand-writing,  the  date 
is  the  evidence  of  the  time  of  acceptance,  because  it  is  the  usual 
course  of  business  in  such  cases  for  a  clerk  to  write  the  date,  and 
for  the  party  to  write  his  acceptance  under  the  date.  When  an  ac- 
ceptance is  made  by  one  partner  only,  on  the  partnership  account, 
he  should  regularly  subscribe  the  name  of  the  Jirm,  or  express  that 
he  accepts  for  himself  and  partner ;  but  any  mode  which  indicates 
an  intention  to  be  bound  by  the  terms  of  the  request  in  the  bill,  will 
bind  the  firm.  And  when  by  an  agent  for  his  principal,  he  must 
subscribe  the  name  of  such  principal,  or  specify  that  he  does  it  as 
agent,  as  otherwise  it  may,  if  he  be  named  or  described  in  the  direc- 
tion of  the  bill,  make  him  personally  responsible. 

ACCOUNT  CURRENT,  contains  the  state  of  our  transactions  with 
any  person,  drawn  out  in  a  plain  circumstantial  manner,  disposed  of 
in  the  form  of  Dr.  and  Cr.,  on  opposite  pages.  When  a  person  is 
furnished  with  his  account  current,  it  is  necessary  to  specify  the 
various  charges,  and  when  they  are  numerous,  some  accountants 
make  but  one  charge  of  them  in  the  account  current,  referring  to  an 
annexed  account  of  the  several  articles  thus  included.  In  making 
out  an  account  current,  all  the  particulars  are  set  forth  as  expressed 
in  the  Journal  and  subsidiary  books,  and  where  the  collective  term, 
"  Sundries,^*  occurs  in  the  Ledger,  every  reference  is  supplied. 

V  161 


VOCABULARY. 

In  calculating  interest  on  accounts  current,  the  usual  method  is  to 
compute  the  interest,  first,  on  the  sums  of  the  Dr.  side,  and  then  on 
those  of  the  Cr.,  reckoning  the  time  from  the  day  on  which  the  sums 
became  due  to  the  time  of  settlement.  Then  subtract  the  sum  of  the 
interest  on  the  one  side,  from  that  on  the  other,  and  the  difference 
will  be  either  the  interest  due  by  or  to  you. 

ACCOUNT  SALES,  is  an  account  of  goods  sold  on  commission,  and 
drawn  out  by  the  agent  or  factor,  to  whom  they  were  consigned,  to 
be  sent  to  his  employer.  It  contains  the  quantity  and  value  of  the 
goods  or  merchandise  sold,  the  charges  attending  the  sales,  the 
agent's  commission,  and  the  net  proceeds. 

The  forms  of  making  out  accounts  sales  are  various.  Some  enter 
the  charges  on  the  first,  or  left  hand  page ;  and  the  quantity,  price 
and  value  of  the  goods,  on  the  second,  or  right  hand  page,  in  the 
manner  of  Dr.  and  Cr.  The  difierence  then  of  the  two  sides  ex- 
hibits the  net  proceeds.  Others  rule  the  account  with  a  number  of 
columns  for  the  particulars ;  as  the  date  of  the  sale,  the  purchaser's 
name,  the  quantity  and  quality,  the  price  and  the  value  of  the  goods ; 
though  the  forms  are  different,  yet  they  all  tend  to  the  same  object, 
that  of  ascertaining  the  net  proceeds.  The  duty  of  an  agent  is  to 
procure  the  best  intelligence  of  the  state  of  the  market  at  the  place 
where  he  resides ;  of  the  quantity  and  quality  on  hand ;  their  pre- 
sent prices,  and  the  probability  of  their  rising  or  falling ;  to  pay  strict 
attention  to  the  orders  of  his  employers  ;  to  consult  their  advantage  in 
matters  referred  to  his  discretion ;  to  execute  their  business  with  all  the 
despatch  that  circumstances  admit;  to  be  early  in  his  intelligence;  dis- 
tinct and  correct  in  his  accounts,  and  punctual  in  his  correspondence. 

ADVICE — Mercantile  intelligence.  To  advise  a  bill  is  to  describe  the 
amount,  date,  time,  order,  &c.,  and  request  the  person  on  whom 
drawn,  to  accept  it. 

ANNUL,  a  term  used  in  Book-keeping  when  a  wrong  entry  is  corrected 
by  writing  it  on  the  opposite  side. 

ASSIGNEE,  a  person  appointed  to  manage  the  affairs  of  a  bankrupt. 

ATTACHMENT,  the  act  by  which  a  creditor  may  claim  and  seize  the 
goods  of  his  debtor,  in  whatever  hands  he  may  find  them. 

ARBITER,  (in  civil  law.)  A  judge  appointed  by  a  magistrate,  or  chosen 
by  the  parties,  to  decide  any  point  of  difference.  An  arbiter  must 
judge  according  to  usage  of  law ;  but  an  arbitrator,  who  is  a  private 
extraordinary  judge,  chosen  by  the  mutual  consent  of  parties,  is 
allowed  a  certain  discretionary  power. 

ARABIC  CHARACTERS,  the  numeral  characters  now  used  in  arith- 
metic, which  were  introduced  into  England  about  the  eleventh  century. 

AD  VALOREM,  according  to  the  value. 

A  RECEIPT,  is  a  written  acknowledgment  of  having  received  a  sum 
of  money,  or  a  bill  in  the  settlement  of  an  account,  or  goods,  &c., 
as  the  case  may  be. 

162 


VOCABULARY. 

AVERAGE,  a  term  used  for  the  damage  a  cargo  or  ship  sustains,  which 
is  to  fall  upon  the  proprietors,  or  insurers  in  a  just  proportion,  &c. 

ANTEDATE,  to  date  earlier  than  the  proper  time. 

ANTEMERIDIAN,  or  A.  M.,  before  noon. 

BANK,  (in  commerce,)  an  establishment  for  the  receiving  of  money 
and  letting  it  out  at  interest,  &c.  The  first  bank  was  estabUshed  at 
Venice,  about  11 57,  and  the  name  of  banco  was  given  to  it  in  ItaUan, 
from  the  bench  on  which  the  money  changers,  or  bankers,  used  to 
sit.  The  Bank  of  Genoa  was  estabHshed  in  1345 ;  that  of  Amster- 
dam in  1609;  that  of  Hamburgh  in  1619;  that  of  Rotterdam  in 
1635.  The  Bank  of  England,  one  of  the  last,  but  at  present,  the 
greatest  of  its  kind,  was  established  by  charter  in  the  reign  of  Wil- 
liam and  Mary  as  a  corporate  body,  by  the  title  of  the  Governor  and 
Company  of  the  Bank  of  England.  The  Bank  of  North  America, 
which  was  the  precursor  of  the  United  States  Bank,  was  incorpo- 
rated in  1781,  (eight  years  previous  to  the  formation  of  the  constitu- 
tion.) The  Bank  of  the  United  States  was  subsequently  incorpo- 
rated in  1791. 

BALANCE,  the  difference  between  the  debit  and  credit  sides  of  an 
account. 

BALANCE  OF  TRADE,  the  difference  between  the  commercial  ex- 
ports and  imports  of  one  country  with  respect  to  another. 

BILL  OF  ENTRY,  a  note  of  the  particulars  of  goods  entered  at  the 
custom  house. 

BILL  OF  SALE,  is  a  solemn  contract  under  seal  by  which  a  man 
passes  the  right  or  interest  that  he  has  in  goods  or  chattels. 

BOND,  a  deed  or  obligation  by  which  a  person  binds  himself,  or  his 
heirs,  to  pay  a  certain  sum  of  money  at  an  appointed  time. 

BONA  FIDE,  in  good  faith,  honestly. 

BANKRUPT,  a  person  who  fails  or  breaks,  so  as  to  be  unable  to  carry 
on  his  business  or  pay  his  debts.  In  law  a  bankrupt  is  one  who  has 
committed  an  act  of  bankruptcy,  so  as  to  bring  him  under  the  pro- 
tection of  the  bankrupt  laws.  It  is  derived  from  hancum,  a  bench, 
and  rumpere,  to  break,  because  the  bench  of  the  ItaUan  banker  or 
money  changer  is  said  to  have  been  broken  by  way  of  infamy  when 
he  failed. 

BILL  OF  EXCHANGE,  is  an  order  or  request  in  writing,  addressed 
by  one  person  to  a  second,  desiring  him  to  pay  a  sum  therein  named, 
to  a  third,  or  to  any  other  to  whom  such  person  shall,  by  his  order, 
appoint  it  to  be  paid ;  or  it  may  be  made  payable  to  bearer. 

Parties  to  a  Bill. — The  person  making  or  drawing  the  bill  is  called 
the  drawer,  the  person  to  whom  it  is  addressed,  the  drawee,  who, 
when  he  has  undertaken  to  pay  the  amount,  is  termed  the  acceptor. 
The  person  in  whose  favor  the  bill  is  drawn  is  caRed  the  payee ; 
but  if  he  appoint  some  other  person  to  receive  the  money,  he  is  then 
termed  the  endorser,  and   the  person  so  appointed,  the  endorsee. 

163 


VOCABULARY. 

Where  there  are  two  joint  traders,  and  a  bill  is  drawn  on  both  of 
them,  the  acceptance  of  one  binds  the  other,  if  it  concern  the  joint 
trade  j  but  is  otherwise,  if  it  concern  the  acceptor  only,  in  a  distinct 
respect  and  interest. 

Bills  of  Exchange  are  sometimes  made  in  the  name  and  for  the 
account  of  a  third  person,  by  virtue  of  full  power  and  authority 
given  by  him,  and  this  is  commonly  termed  procuration ;  and  such 
bills  may  be  drawn,  subscribed,  endorsed,  accepted  and  negociated, 
not  in  the  name  or  for  the  account  of  the  manager  or  transactor  of 
any  or  all  of  these  branches  of  remittances,  but  in  the  name  and  for 
the  account  of  the  person  who  authorized  him.  Upon  delivery  of  a 
bill  of  exchange  to  the  payee,  or  any  other  person  who  may  become 
the  holder,  if  it  has  not  been  previously  accepted,  it  is  in  all  cases 
advisable  to  present  it  for  acceptance.  If,  upon  presentment,  the 
drawee  does  not  accept,  the  holder  of  the  bill  should  give  notice  to 
the  persons  who  have  been  parties  to  the  bill  antecedent  to  himself, 
after  which  any  person,  not  originally  a  party,  may  accept  it,  supra 
protest,  for  the  honor  of  the  drawer  or  endorsers.  A  bill  is  said  to 
be  accepted  when  the  name  is  written  across  the  face  of  it.  Promis- 
sory notes  are  said  to  be  endorsed  when  the  name  is  written  on  the 
back.  Bills  of  exchange  are  either  inland  or  foreign.  Inland  bills 
are  those  which  pass  between  persons  in  the  same  country.  Foreign 
bills  pass  from  one  country  to  another. 

Inland  bills  of  exchange,  according  to  Lord  C.  J.  HoWs  opinion, 
did  not  originate  at  a  much  earlier  period  than  the  reign  of  Charles 
II.  They  were  at  first,  like  foreign  bills,  more  restricted  in  their 
operation  than  they  are  at  present  j  for  it  was  deemed  essential  to 
their  validity  that  a  special  custom  for  the  drawing  and  accepting 
of  them  should  exist  between  the  towns  in  which  the  drawer  and 
acceptor  hved  ;  or,  if  they  lived  in  the  same  town,  that  such  a  cus- 
tom should  exist  therein.  At  first,  also,  etfect  was  only  given  to  the 
custom  when  the  parties  were  merchants,  though  afterwards  it  ex- 
tended, as  in  the  case  of  foreign  bills,  to  all  persons,  whether  traders 
or  not.  And  even  after  the  general  custom  had  been  established, 
and  it  had  been  adjudged  that  all  persons  having  capacity  to  contract 
might  make  them,  a  distinction  was  taken,  with  respect  to  form,  be- 
tween bills  made  payable  to  order  and  bills  made  payable  to  bearer  ; 
for  it  was  once  thought  that  no  action  could  be  maintained  on  a  bill 
payable  to  the  order  of  a  certain  person,  by  that  person  himself,  on  the 
ground  that  he  had  only  an  authority  to  endorse ;  and  those  payable 
to  bearer  were  first  thought  not  to  be  negotiable  in  any  case.  These 
distinctions,  however,  have  long  been  held  to  be  without  foundation ; 
and  on  the  whole,  as  observed  by  Mr.  Justice  Blackstone,  although 
formerly  foreign  bills  of  exchange  were  more  favorably  regarded  in 
the  eye  of  the  law  than  inland,  as  being  thought  of  more  public 
concern  in  the  advancement  of  trade  and  commerce,  yet  now,  by 

164 


VOCABULARY. 

various  judicial  decisions,  and  by  two  statutes,  the  9th  and  iOth  W. 
3  C  17,  and  the  3d  and  ^th  Anne,  C.  9,  inland  bills  stand  nearly  on 
the  same  footing  as  foreign ;  and  what  was  the  law  and  custom  of 
the  merchants  with  regard  to  the  one,  and  taken  notice  of  as  such,  is 
now  by  these  statutes  enacted  with  regard  to  the  other.  Besides 
inland  and  foreign  bills  of  exchange,  there  are  two  other  descriptions 
of  negotiable  instruments  for  the  payment  of  money,  viz  :  promissory 
notes  and  checks  on  bankers,  which  are  transferable,  so  as  to  vest 
the  legal  right  to  receive  the  money  in  the  holder. 

Note. — Bills  drawn  in  one  state,  and  payable  in  another  of  the  United 
States,  are  foreign  bills.  "A  bill  drawn  in  New  Orleans  upon  Philadel- 
phia is  a  foreign  bill  of  exchange."  Vide  2  Peters'  Condensed  Reports, 
168.  4  Wash.  C.  C.  148.  2  Peters,  586.  In  Lonsdale  vs.  Brown,  Cir- 
cuit Court  U.  S.,  Pennsylvania  District,  October,  1821,  Washington,  J., 
held  that  a  bill  drawn  in  one  of  the  United  States  upon  a  person  in  another 
of  the  United  States,  is  a  foreign  and  not  an  inland  bill  of  exchange,  subject 
to  all  the  laws  of  evidence  and  damage  of  foreign  bills.  (Vide  Chitty  on 
Bills,  ipage  13,  &c.) 

BOTTOMRY  AND  RESPONDENTIA,  see  Lecture  IV. 

BANK  BOOK,  contains  on  the  Dr.  side  the  daily  deposites,  discounts, 
and  notes  collected.  On  the  Cr.  side  the  money  withdrawn,  or  for 
which  checks  had  been  given. 

BILL  OF  LADING,  an  agreement  between  the  shipper  of  merchan- 
dise and  the  captain  of  a  ship,  binding  the  latter  to  deliver  it  "  in 
good  order  and  condition,"  on  payment  of  a  certain  freight. 

BILL  OF  PARCELS,  is  a  note  of  the  quantity  and  value  of  the  goods 
sold  and  delivered  to  the  purchaser  by  the  seller.  If  the  account  be 
a  copy  of  the  goods  sold  at  the  time,  the  expression  is : — Bought 
of  A.  B.;  but  if  for  goods  sold  at  a  former  period,  make  the  pur- 
chaser Dr.  to  A.  B.  When  the  account  is  to  be  settled,  either  by 
cash,  or  bill,  a  receipt  is  granted  at  foot,  in  which  the  manner  of 
settUng  is  expressed.  If  a  partial  payment  be  made,  it  is  placed 
under  the  account  and  siibtracted.  If  several  payments  be  made, 
they  are  extended,  and  their  sum  subtracted.  In  making  out  an  ac- 
count of  goods  formerly  sold,  it  is  sufficient  to  express  only  the  date 
and  sum  of  each  bill  of  parcels,  and  refer  for  particulars  to  the  ac- 
count which  was  sent  with  the  goods,  at  the  time  of  purchase  j  this 
is  called  a  general  account.  Bills  of  this  nature  ought  to  be  hand- 
somely written,  and  they,  in  general,  contain  the  place  where,  and 
the  time  when  the  goods  were  sold ;  also  the  buyer's  and  seller's 
names. 

BOOK-KEEPING  by  double  entry,  was  published  first  at  Venice,  in  the 
Italian  language,  about  the  year  1495,  by  Lucas  de  Burgo  Pacidus, 
who  likewise  wrote  several  works  on  scientific  subjects. 

BILL  BOOK,  contains  notes  in  your  favor  or  against  you. 

BROKER,  one  who  concludes  bargains  or  contracts  for  merchants,  as 
exchange  brokers,  ship  brokers,  &c. 

165 


VOCABULARY. 

BROKERAGE,  what  is  paid  to  a  broker  for  his  trouble. 

CASH,  ready  money. 

CASH  BOOK,  contains  the  sums  received  or  paid. 

CARGO,  the  goods  which  a  ship  receives  on  board,  to  carry  from  one 
place  to  another. 

CAPITAL,  the  effects  of  a  house  in  money  or' wares,  by  means  of  which 
it  carries  on  business  and  supports  its  credit. 

CHARGES,  the  necessary  expenses  attending  mercantile  transactions. 

CLEARING,  with  respect  to  a  ship,  is  registering  her  name  and  par- 
ticulars of  her  cargo,  upon  the  books  of  the  custom  house,  when 
entering  into,  or  leaving  a  port. 

CIRCULAR  LETTER,  the  printed  notice  of  the  establishment  of  a 
house,  or  alteration  in  a  firm,  &c. 

CODICIL,  an  addition  or  supplement  added  to  a  will  or  testament. 

CONSIGNMENT,  a  quantity  of  goods  which  one  house  or  firm  sends 
to  another,  to  sell  on  their  account  and  risk ;  allowing  them  the 
regular  commission  for  their  agency. 

COMMISSION,  so  much  per  cent,  allowed  by  one  person  to  another, 
for  transacting  his  business. 

COUNTER  ORDER,  an  order  sent  to  revoke  a  former  one,  either  for 
the  sale  or  purchase  of  any  commodity. 

COMMISSION  SALES  BOOK,  records  the  particulars  of  any  con- 
signment received  on  commission.  It  is  kept  in  the  form  of  Dr.  and 
Cr.;  on  the  left  hand  side  are  entered  the  duly,  freight,  commission, 
&c.,  paid  on  receiving  merchandise  on  consignment.  On  the  right 
hand  side,  the  sales  effected,  with  a  detail  of  the  particulars.  When 
the  merchant  purchases  or  receives  merchandise  to  be  sold  on  joint 
account,  that  is,  for  himself  and  others  in  Co.  with  him,  the  account 
of  such  merchandise  in  Co.  may  be  kept  in  this  book,  by  placing  on 
the  Dr.  side  his  proportion  only  of  the  first  cost  and  all  the  charges 
to  which  the  merchandise  may  be  subjected,  belonging  to  the  com- 
pany, while  in  his  hands,  and  on  the  'Cr.  side  the  entire  sales  of  the 
goods,  with  the  particulars  of  such  sales. 

CONTRABAND  TRADE,  that  which  is  prohibited  by  law. 

CONVOY,  ships  of  war  sailing  with  merchant  and  other  vessels  in 
order  to  protect  them. 

COUNTERVAILING  DUTIES,  equal  duties  established  between  two 
countries,  and  charged  on  the  exportation  and  importation  of  the 
same  kind  of  goods. 

CREDITOR,  he  that  gives  credit,  correlative  to  Dr. 

DEBT,  a  sum  of  money  due  from  one  person  to  another. 

DEFALCATION,  a  falling  off,  or  a  failure  in  accounts. 

DEFAULTER,  one  who  is  deficient  in  his  accounts. 

DISCOUNT,  an  allowance  made  on  a  bill,  or  any  other  debt  not  yet 
become  due,  for  immediate  or  prompt  payment. 

DITTO,  a  mercantile  term,  signifying  the  same  as  that  which  precedes. 

166 


VOCABULARY. 

DRAWER  OF  A  BILL,  one  who  writes  and  signs  a  bill  for  a  sum  of 
money  to  be  paid  to  another. 

DRAWBACK,  an  allowance  made  to  a  merchant  on  the  exportation  of 
goods  which  paid  duty  when  imported. 

DUBIOUS  PAPER,  bills  drawn  on  houses  of  little  credit. 

DRAFT,  a  bill  drawn  by  one  person  upon  another  for  a  sum  of 
money. 

DUTY,  the  tax  imposed  by  government  upon  the  importation  of 
goods,  &c. 

EMBEZZLEMENT,  is  when  a  person  appropriates  by  breach  of  trust, 
or  turns  to  his  own  use  what  is  committed  to  his  care. 

EX  OFFICIO,  by  virtue  of  one's  office. 

EX  PARTEl,  on  one  side. 

ENDORSE,  to  place  your  signature  on  the  back  of  a  note.  .  , 

EXCHANGE,  vide  Lecture  V.  ;  r 

EXECUTOR,  one  appointed  by  a  testator  to  see  that  his  will  is  executed. 

FACTOR,  an  agent  commissioned  by  merchants  to  buy  or  sell  goods  on 
their  account. 

FIRM,  the  appellation  of  a  house  engaged  in  mercantile  pursuits. 

FOLIO,  the  right  and  left  hand  pages  in  a  merchant's  Ledger,  which  are 
numbered  by  the  same  figure,  so  that  they  may  correspond. 

FREIGHT,  any  thing  with  which  a  ship  is  laden ;  the  money  due  for 
the  transportation  of  merchandise. 

GOODS,  articles  of  merchandise. 

GOVERNMENT,  "for  your  government"  is  an  expression  taken 
from  the  French,  signifying  "in  order  to  give  you  better  infor- 
mation and  rules  for  acting  by "  in  the  purchase  or  sale  of  mer- 
chandise. 

GRACE,  (in  the  United  States,  8rc.)  three  days  added  to  the  specific 
time  for  the  payment  of  notes. 

HONOR,  to  interfere  for  the  honor  of  another  person,  is  to  accept  a  bill 
drawn  by  him  upon  another,  which  has  been  refused  ("dishonored,") 
and  prevent  the  bill  from  going  back  protested.  To  honor  a  draft  is 
to  accept  it  on  presentation. 

HYPOTHECATED,  is  applied  to  stock  or  other  property  left  as  col- 
lateral security  for  the  payment  of  a  debt. 

IBIDEM,  in  the  same  place ;  ib.  or  ibid,  stands  for  the  same. 

IMAGINARY  OR  NOMINAL  ACCOUNTS,  are  styled  Stock,  Profit 
and  Loss,  Charges,  Commission,  House  Expenses,  Insurance,  Ex- 
change, Interest,  &,c.  Stock  account  represents  the  merchant  in  his 
own  set  of  books,  it  matters  not  whether  the  merchant's  name,  or 
the  word  stock  be  used,  these  terms  are  synonymous,  (from  the  pur- 
port of  the  definition  generally  given),  and  the  manner  of  closing 
each  is  the  same.  Charges,  Commission,  &c.,  might  be  kept  under 
the  appellation  of  Profit  and  Loss,  being  ultimately  closed  either  To 
or  By  Profit  and  Loss.     Merchants  notwithstanding  generally  keep 

167 


VOCABULARY. 

a  separate  account  for  each  branch  of  their  business  which  these 
accounts  represent;  in  order  that  they  may  ascertain  the  true  gain 
'       or  loss  arising  from  them. 

Note. — The  word  Stock  has,  in  a  mercantile  point  of  view,  three  dif- 
ferent meanings  : — 1.  It  means,  in  the  Journal  or  Ledger,  the  merchant  or 
owner  of  the  books.  2.  The  taking  of  stock,  an  inventory  of  the  goods  on 
hand,  made  at  the  closing  of  the  merchandise  account.  3.  An  investment, 
if  you  have  an  interest  in  any  public  institution. 

INSURANCE,  a  contract  or  an  agreement  by  which  one  or  more  per- 
sons, called  insurers,  engage,  for  a  certain  premium,  to  make  good 
the  loss  of  any  house,  ship,  or  goods,  by  fire,  shipwreck,  or  other- 
wise. 

IMPRIMIS,  first,  in  the  first  place. 

iNSTANTER,  immediately. 

IN  CURIA,  in  court. 

IMPORTATION,  the  act  of  bringing  goods  into  a  country  from  foreign 
parts. 

INVENTORY,  a  schedule,  amount,  or  catalogue  of  goods. 

IN  EXTENSO,  in  full,  at  large. 

IN  TOTO,  entirely,  wholly. 

INTEREST,  money  paid  for  the  use  or  loan  of  money.  The  sum  lent 
is  called  the  principal,  the  sum  paid  by  the  borrower,  the  interest ; 
and  when  the  two  are  incorporated,  the  interest  paid  upon  that  is 
called  compound  interest,  or  interest  upon  interest. 

INVOICE,  an  account  of  goods  sent  off  generally  by  sea,  either  in  con- 
sequence of  an  order  from  the  person  to  whom  they  are  sent,  and  at 
his  risk,  or  consigned  to  him  for  sale  at  the  risk  of  the  owner  or 
owners.  It  will  be  observed  from  the  form  given  in  the  preceding 
part  of  this  work,  that  the  title  or  preamble  contains  the  name  of  the 
vessel,  and  of  the  master,  place  of  destination,  and  the  name  of  the 
person  to  whom  the  goods  or  wares  are  sent,  and  at  whose  risk. 
An  account  is  next  given  of  the  quantity  and  value  of  the  goods, 
with  the  marks  exhibited  on  the  margin,  if  any.  The  charges  at 
shipping  are  added  to  the  cost  of  the  goods,  and  it  is  generally 
charged  on  this  sum. 

INSTANT,  the  present  or  current  month. 

INSURERS,  the  persons  who  insure,  also  called  underwriters. 

INTERLINE,  to  write  between  lines. 

INTERNATIONAL,  relating  to  the  reciprocal  intercourse  or  commerce 
of  one  nation  with  another. 

LETTER  BOOK,  contains  copies  of  letters  written  by  the  merchant  to 
his  correspondents. 

LEX  MERCATORIA,  the  law  of  merchants. 

MINIMUM,  the  lowest  rate. 

MAXIMUM,  the  highest  rate. 

MATURITY,  is  when  a  bill  becomes  due. 

MESSRS.,  Messieurs,  Gentlemen,  or  Sirs, 

f6^ 


VOCABULARY. 

NOTA  BENE,  "mark  well,"  or  "observe  this  particularly."    N.  B.  is 
frequently  used  in  place  of  P.  S.  or  Postscript ;  but  a  correct  writer 
will  avoid  this  impropriety  or  inelegancy. 
NOTARY  PUBLIC,  a  person  duly  appointed  to  attest  deeds  and  other 
writings,  to  note  and  protest  bills  of  exchange,  also  drafts  or  notes, 
when  payment  is  refused,  or  when  returned  for  non-acceptance. 
ORDER,  a  direction  from  one  house  to  another,  to  effect  certain  pur- 
chases, &c.,  upon  limited  or  unlimited  conditions. 
PER  DIEM,  by  the  day  j  for  every  day. 
PER  ANNUM,  by  the  year. 
PER  CENT.,  by  the  hundred. 
PREMIUM,  the  sum  of  money  given  for  the  insuring  of  houses,  goods, 

ships,  &c. 
POLICY  OP  INSURANCE,  an  instrument  or  deed  by  which  a  con- 
tract of  insurance  is  effected. 
PRICE  CURRENT,  a  list  of  all  the  articles  in  the  market  with  the 

present  price  annexed  to  each. 
POCKET  BOOK,  a  small  book  for  holding  papers  and  memoranda. 
PROXIMO,  the  next  month. 

PRIMAGE,  so  much  per  cent,  generally  allowed  to  a  captain  of  a  ship 
on  his  amount  of  freight.    When  it  is  not  allowed  by  the  shipper, 
it  is  not  mentioned  in  the  bill  of  lading. 
PROCURATION,  the  power  of  using  the  signature  of  a  house. 
PRO  RATA,  according  to  a  prescribed  rate. 

PROTEST,  an  instrument  drawn  up  in  writing  by  a  notary  public,  cer- 
tifying that  such  bill  or  bills,  as  are  therein  specified,  have  been 
presented  for  acceptance  or  payment  and  refused.     Bills  when  en- 
dorsed must  be  protested,  if  not  accepted  or  paid. 
POSTSCRIPT,  a  paragraph  added  to  the  end  of  a  letter. 
POST  DATE,  to  date  after  the  real  time. 
POST  MERIDIAN,  or  P.  M.,  afternoon. 
RECEIPT  BOOK,  exhibits  the  receipts  or  acquittances  which  persons 

who  receive  money  from  others  give  and  sign. 
REMITTANCE,  a  sum  of  money  sent  either  in  bills  of  exchange,  or 

otherwise,  from  one  house  to  another. 
SALVAGE,  a  recompense  allowed  to  such  persons  as  have  assisted  in 
saving  merchandise,  ships,  &c.,  from  shipwrecks ;  or  the  term  ap- 
plied to  the  award  allowed  for  saving  a  vessel,  or  cargo,  or  both, 
from  loss  or  damage.- 
SHIPPER,  one  who  puts  goods  or  merchandise  on  board  a  ship. 
SUNDRIES,  a  collective  term  signifying  more  than  one. 

Note. — The  word  Sundries  is  objected  to  by  some  book-keepers  as 
ungrammatical ;  but  it  may  be  considered  as  an  abbreviation  of  Sundry 
Accounts;  its  use  is  sufficiently  sanctioned  by  the  general  practice  of 
merchants;  and  its  propriety  too  is  supported  by  analogy,  for  several 
other  adjectives  are  thus  converted  into  substantives,  as  goods,  evils, 
blacks,  &c. 

w  169 


VOCABULARY. 

SIGHT,  a  draft  drawn  at  sight,  is  due  without  p'ace.  In  some  states,  a 
draft  at  sight  is  allowed  three  days'  grace. 

SPECIE,  coin  as  distinguished  from  paper  money. 

SUPERCARGO,  a  person  employed  on  board  a  ship  to  oversee  the 
cargo. 

THE  TRIAL  BALANCE,  proves  that  the  sums  or  amount  which 
have  been  posted  to  the  one  side  of  the  Ledger,  have  also  been  en- 
tered on  the  other  side.  This,  however,  is  no  evidence  of  the  books 
being  correctly  posted ;  for  a  sum  may  be  posted  to  a  wrong  ac- 
count, or  a  Journal  post  be  entirely  omitted,  or  entered  twice,  and 
yet  the  Dr.  and  Cr.  columns  of  the  trial  balance  will  agree. 

The  most  effectual  check  is  to  compare  the  books,  by  reading  the 
entries  and  examining  the  extensions  of  the  auxiliary  books,  and  com- 
paring those  with  the  Journal.  After  this  is  done,  then  proceed  to  the 
Ledger,  or  grand  book  of  accounts.  It  would  be  more  convenient 
and  less  troublesome  if  two  persons  were  to  assist  each  other  in 
comparing  the  Ledger.  One  to  have  the  Journal  before  him  and 
reading  therefrom  the  debits  and  credits,  and  the  other  turning  to 
the  accounts  in  the  Ledger,  and  marking  them  off,  if  correct. 

TOTAL,  OR  GROSS  SALES,  the  sum  produced  by  the  disposal  of 
property ;  when  the  charges  and  commission  are  deducted  from  it, 
the  remainder  is  the  net  proceeds. 

ULTIMO,  the  last,  or  preceding  month. 

UMPIRE,  a  person  appointed  to  settle  a  dispute  or  difference  when  the 
arbitrators  cannot  agree. 

VIA,  by  way  of. 

VICE,  in  the  place  of. 

VICE  VERSA,  the  reverse. 

VOUCHER,  a  document  proving  that  some  payment  or  transaction  has 
been  entered  into. 

WHARFAGE,  money  paid  for  the  use  of  a  wharf. 


no 


INDEX. 


Page 
Preface,     3 

PART  I. 

BOOK-KEEPING   BY   SIKGLE   ENTRY. 

Book-keeping  defined — Single  Entry  described, 7 

Set  A.  —  Retail   Business. 

Page  Page 

Directions  for  Posting,  &c.     ...      8  Form  of  a  Cash  Retail  Sales  Book,  .    26 

Of  Closing  the  Ledger,     ....     10  Another  Method  of  Keeping  Accounts 

Day  Book, 11  by  Single  Entry,  ......    27 

Ledger, 15 


PART   II. 

book-keeping  by  double  entry. 

Page  Page 

Introduction-Double  Entry  explained,  33  Of  Posting  and  Balancing  the  Books,     41 

Of  the  Day  Book  and  Auxiliary  Books,  34  Day  Book  and  Journal  A,       .     .   46,  47 

Of  the  Journal, 35        Ledger, 60 

Of  the  Ledger,  and  an  Explanation  of  Bill  Book, 75 

the  Accounts, 36 


PART   III. 


Lectures  concerning  Domettic  Bvsiness — Discounting  and  Reneunng  Bills — Importing  and  Ex- 
porting— the  Purchase  and  Sale  of  Bilk  of  Exchange — Commission  and  Company  Accountty 
both  Domestic  and  Foreign. 

Page  Page 

Lecture  I, 77        Lecture  V, 94 

Lecture  II, 83        Lecture  VI, 99 

Lecture  III, 86        Lecture  VII, 107 

Lecture  IV, 89 

(j(p-aUESTIONS  are  frequently  proposed,  to  which  NO  ANSWERS  are  given ;  but  the 

ingenious  learner  will  be  able  to  answer  all  such,  if  he  thoroughly  understands  the  Lecture 

to  which  they  refer  or  relate. 

171 


INDEX. 


COiMMEaCIAL    FOBMS. 


Page 
Receipt  for  money  rec'd  on  account,  113 
in  full,  .  .  113 
for  rent,  .  113 
for  a  legacy,  113 
on  mortgage,  113 

Form  of  a  Draft, 114 

Another  form  of  a  Draft,  ....  114 
Other  forms  of  Drafts,  ....  115 
Form  of  a  Bill  of  Parcels.  ...  116 
General  Acc't  and  Acknowledgment,  116 

117 
Promissory  Notes,       .     .     .     .     .     117 


A  joint  note, 117 

Receipt  for  a  note, 117 

Due  Bills — two  forms,      ....     117 

Bill  of  Exchange, 118 

Form  of  an  Account  Current,  .  .119 
Another  form  of  an  Account  Current,  120 
Form  of  a  Bank  Book,      ....     121 

Form  of  a  Check, 122 

Form  of  a  Bill  of  Lading,     ...     122 

Form  of  an  Invoice, 123 

Form  of  an  Account  Sales,    ...    123 


PART    IV. 


USEFUL   CALCULATION?,   ETC. 


Page 
Four  modes  of  adding  up  accounts,  124 
A  general  rule  for  finding  the  number 

of  days  in  each  month  of  the  year,  125 
Two  examples  for  finding  when  a 

note  will  become  due  in  bank,      .  125 
Illustration  of  the  same,     ....  125 

Interest  or  Discount, 125 

Short  plans  for  calculating  interest 
and  Discount  by  simple  and  con- 
cise rules, 125 

Equation,  or  average  times  of  pay- 
ments,     . 129 

Table  of  the  value  of  the  Pound  Ster- 
ling, from  par  to  123  per  cent.      .  138 

Profit  and  Loss, 141 

Questions  on  Exchange,     ....  142 
Discount  and  Interest, 143 


Page 

Questions  on  Bank  Stock,  ....  144 

Day  Book  and  Journal  on  Partner- 
ship Accounts, 145 

Select  Instructions  on  Company  Ac- 
counts, &c., 148 

Interest  Table  for  6  per  cent,      .     .153 

7       "         .     .     .  154 

"  "  8       "         .     .     .  155 

Commercial  Regulations  established 
by  the  Baltimore  Board  of  Trade,  156 

European  Coins  reduced  to  dollars 
and  cents, 159 

Table  of  the  Federal  value  of  Ster- 
ling Money, 160 

Table  of  the  Federal  value  of  Ster- 
ling Money,  as  established  by  Con- 
gress,       160 


PART   V. 


Vocabulary  of  Commercial  Terms, 
Testimonials, 


Page  Page 

161        List  of  Subscribers,  .    .     ...     .     .173 

181 


172 


SUBSCRIBERS'    NAMES 


E.  M'Faul  &  Co.— 2  cop. 

J.  N.  McJilton. 

P.  Laurenson, 

P.  Tiernan. 

Peter  Kernan. 

Baraet,  Ahern  &  Boyd, 

Charles  McColgan. 

John  A.  McGrevy. 

E.  Bennett. 

Thomas  Dillaway. 

Daniel  Robinson. 

John  Scott. 

William  J.  Bunting. 

William  P.  Peterson. 

M.  Connolly. 

Samuel  D.  Johnston. 

John  Scott. 

T.  Parkin  Scott. 

Jacob  Deems. 

Samuel  G.  Hyde. 

M.  Butler. 

John  O'Neil. 

Kirby  &  Fry — 24  copies. 

R.  Connolly. 

H.  Banuan. 

Nicholas  Spellman, 

Owen  Donnelly. 

John  McNevin. 

Joseph  Gegan. 

M.  Benzinger — 2  copies. 

John  W.  Walker. 

Jesse  Hunt. 

John  Turel  &  Co. 

Eli  R.  Plowman. 

Victor  Sirata. 

G.  Dun  an. 

Richard  Kemp. 

William  Power. 

Richard  Cotter — 6  copies. 

Jno.  H.  O'Donovan,  M.  D. 

M.  Topham  Evans. 

John  Coulter, 

James  L.  Ridgely. 

Chr.  Wynn. 

James  Shannessy. 

Dennis  Sullivan. 

George  Slater. 

T.  B.  Rittenhouse. 

Henry  Hanney. 

William  Gibson. 


BALTIMORE. 

Samuel  Griffith. 
Baughman  &  House. 
James  C.  Barry. 
James  Fortune. 
T.  W.  Feigner. 
Samuel  House  &  Son. 
Edwin  S.  Dryden. 
P.  A,  Kelly. 
Alfred  Bennett. 
James  Baxley. 
J.  B.  Sumwalt. 
John  Lockerd. 
Louis  H.  Browning. 
John  J.  Tenain. 
James  C.  Golder. 
Michael  Roche. 
George  W.  Cox. 
John  U.  Durst. 
James  Bacon. 
W.  O.  C.  Fritschler, 
George  W.  Stauffer. 
John  G.  Walmsley. 
Flo.  Kuhn. 
Thomas  Keys. 
James  Wilson. 
Nathan  Rogers. 
Charles  W.  George, 
Edward  C.  Rivers. 
John  Madison. 
Noah  Gassaway. 
Hoflfmeister  &  Co. 
Joseph  Poole. 
C.  D.  Hinks  &  Co. 
Jacob  Ferguson. 
William  Richardson. 
John  Harvie. 
Charles  J.  C.  Dougherty, 
William  J.  Eckel. 
Joseph  Victory. 
Malachy  Blundel. 
Lorenzo  Dorsey. 
John  McManus. 
George  R.  Stevenson. 
George  S.  Waters. 
A.  Gregg  &  Co. 
Samuel  Mass. 
James  Girvin. 
Samuel  McClintock. 
John  White. 
J.  Reynolds. 

173 


I 

T 
John  Rogers.  '.* 

William  Miller. 
P.  McKanna  &  Co. 
William  Fuller.  J; 

Charles  B.  Purnell.  } 
Hiram  Johnson.  ," 

John  Curlett.  J 

Francis  Hyde  &  Sons.    J* 
John  Magee. 
John  Reilly. 
William  K.  Wallace. 
John  Mc Williams. 
L.  M.  Cole. 

T.  C.  Smith  &  Co.  ^! 
P.  B.  Curtiss.  ;, 

R.  J.  Turner.  { 

Samuel  Thompson.  \^ 
Joseph  Simms.  ' 

Henry  Doize.  .  ^ 

John  V.  Emich — 2  copies. 
D.  Holman, 
.John  Eschback. 
John  Mason.  ' 

William  P.  Braddock.  V 
Charles  H.  Locker.  ^ 
Francis  W.  Epply.  ,^ 
S.  W.  Wardweli.  ' 

David  Moore. 
J.  F.  Gordon. 
W.  W.  Norris. 
Basil  Wagner. 
William  Collison. 
Luke  Tiernan. 
John  Spicer. 
Ly.  Martin. 
J.  Winchester. 
W.  Rea. 

Francis  Sholmeyer. 
John  B.  Smith. 
James  Fiedler. 
G.  W.  Bell. 
M.  French. 
W.  S.  Sharetts. 
N.  Eicelberger.  ^ 

Samuel  K.  Carson.  *| 
L.  Kram. 

William  J.  Walli«. 
T.  D.  Norris. 
R.  C.  Moore. 
Edward  T.  Owens, 


'i 


SUBSCRIBERS'    NAMES. 


Francis  Stevenson. 
J.  H.  GoU. 
J.  J.  Griffith. 
E.  Wittig. 

D.  A.  McJilton. 
J.  M.  Kimberly. 
W.  H.  Giese. 
Hungerford  &  Mills. 
George  W.  M.  Lean. 
Samuel  Gray. 

T.  L.  Bantz. 
Edward  W.  Salmon. 
Robert  Dryden. 
Charles  Sicken. 

E.  A.  Hennings. 
John  Ransdall. 
John  McGowan. 
Thomas  H.  Kobinson. 
Edward  Boyle. 
Thomas  L.  Levering. 
A.  B.  Mudge. 

J.  Wheelwright. 
Thomas  S.  Benner. 
James  Mclntire. 
William  H.  Byrne. 
John  Fowler. 
James  L.  Sobffe. 
D.  H.  Robbins. 
Moif  &  Hopkins, 
George  W.  Herring. 
Walter  E.  Harding  &  Co. 
Daniel  Whitney. 
William  H.  D.  Alcock. 
Theodore  Dobbler. 
John  Hammer. 
G.  G.  McComas. 
John  W.  Hammond. 
Hopkins  &  Worthington. 
Hasson  &  Hanlan. 

William  Moore. ' 

W.  H.  Savin. 
J.  K.  Upergraff. 
Lewis  C.  Boehm. 
James  C.  Martin. 

W.  H.  Richardson,  Jr. 

T.  R.  Matthews. 

Luther  Manship. 
Samuel  Phillips. 

Stephen  W.  Jones. 

Joseph  W.  Wall. 

James  Malcom. 

Andrew  Martin. 

F.  A.  Ell«iy. 

M.  M.  Dawson. 

W.  L.  Fendall 

A.  W.  Owings. 

William  Roney,  Jr. 

N.  C.  Brice. 

William  Rogers. 

John  F.  Yearley. 

Worthington  &  Eastman. 

Chr.  C.  Green. 

A.  B.  Patterson. 

R.  Mason. 

John  Higiubothom. 

Charles  W.  Meyer. 

W.  H.  Carpenter. 

H.  &  C,  Saumenig. 


J.  G.  Cockey. 

John  Sperry. 

Samuel  Sindall. 

W.  H.  McLean. 

Charles  A.  Leloup. 

William  Spear — 2  copies. 

Thos.  Johnson — 2  copies. 

R.  B.  Hancock. 

James  E.  Montell. 

William  Sears. 

Robert  Kirklaud. 

David  Baldwin. 

William  Craggs. 

Thomas  H.  Stanford. 

T.  Bartow. 

R.  Murray. 

John  R.  Turner. 

Hugh  C.  Hughes. 

Joseph  Neuell. 

H.  H.  Cole. 

Benjamin  W.  Cole. 

Noah  Mulher. 

Caleb  J.  Holden. 

Frederick  Mayer. 

Thomas  Riley. 

William  H.  Owens. 

Charles  C.  Dunn. 

R.  A.  Gregg. 

Bolton  &  Glanvill. 

Robt.  McEIdowney  &  Co. 

James  Logue. 

Davis  F.  Powell. 

Lloyd  Moxley. 

S.  Alden. 

T.  J.  Townsend. 

Alexander  Falls. 

A.  Penn. 
Samuel  Sauberc. 
Robert  J.  Jones. 
Samuel  T.  Houston. 
Stephens  &  Cockvill. 
George  C.  Collins. 

J.  R.  Hooper. 
William  Robinson. 
J.  H.  Hardesty. 
John  Cruikshanks. 
Thomas  J.  Cleare. 
L.  W.  Stewart. 
Ross  &  Garrett. 
William  Murray. 
H.  Henderson. 
John  Moore. 

B.  A.  Buck. 
Robert  Turner. 
Alexander  Hill, 
William  A,  Benson. 
Wells  &  Miller. 
H.  Schliephake. 
William  Spear. 
W.  C.  Atkinson. 
William  M,  Johnson, 
James  Wheeden, 
James  E.  Searley. 
Joseph  Walker. 

T.  A.  McJilton. 

T,  J.  Woelper — 2  copies. 

John  Ewin, 

Edward  S.  Dorry, 

174 


Thorndike  Chase, 
R.  Wier. 
E.  Adams. 
Charles  Degenhard. 
George  Presstman. 
William  Jackson. 
W.  H.  Coruthwait. 
William  Snyder. 
B.  Corrigan. 
Benjamin  Thomas. 
Nicholas  C.  Bishop. 
J,  E.  Bacon, 
R.  &  W.  H.  Cathcart. 
John  Downs. 
James  W.  Gill. 
John  Bennett  &  Co. 
B.  F.  Barkman. 
L.  L,  Cromwell, 
John  Welsh,  Jr. 
James  H,  Millikin. 
David  Ring. 
James  Hooper. 
Andrew  McGowan. 
J.  Stewart  Wilson. 
George  Musgrave. 
R.  Swell. 
A.  Lowe. 
Richard  Shares. 
Bernard  McDonough. 
T,  W.  Vilamper. 
Samuel  Allen. 
Michael  Gardner. 
Charles  T.  Morris. 
Thomas  Humes. 
Thomas  Mullen,  Jr. 
Joseph  Brummell. 
George  Gillingham,  Jr. 
Calvin  Chesnut. 
Kollhaus  &  Voss. 
Alfred  Wiles. 
Charles  &  B,  Green. 
William  G.  Stine. 
J,  H,  Reynolds. 
John  Underley. 
George  &  John  Mears. 
George  Franck. 
J,  Creamer  &  Son. 
Jacob  B.  Uppercu. 
John  Gridley. 
John  Hulls. 
Peter  Rose. 
Robert  Moore. 
Philip  Muth,  Jr. 
Jacob  Green. 
William  Hubbard. 
P.  M,  Holbrook, 
Joseph  J,  Stewart, 
Caleb  W,  Burgess. 
Joseph  Bevan — 2  copies, 
J,  J,  Turner. 
S.  H.  Matthews. 
Geo,  Sharp. 

D,  J,  Capron — 24  copies, 
W.  Caughlin, 
S,  E,  Roszel, 
Joseph  White, 
Henry  Snyder, 
D.  H,  McDonald. 


SUBSCRIBERS^   NAMES. 


C.  Deiterly. 
Wink  Volk. 
Joseph  S.  Moreland. 
Charles  A.  Leas. 
G.  A.  W.  Evans. 
John  O'Neil. 
Samuel  G.  Baker,  M.  D. 
Wm.  Nugent. 
Charles  Myers. 
Earnest  Brady. 
Michael  Power. 
J.  I.  Cohen. 


Henry  B.  Thomson. 
Rev.  Mr.  Elder. 
James  McCallister. 
James  DiifFey. 
Thomas  Laws. 
J.  T.  High. 
John  S.  Smith. 
\V.  L  Van  Ness. 
Anthony  Kcenan. 

Shaw. 

John  Dickinson. 
T.  P.  Dowling. 


Hosea  Armstrong. 
Patrick  Kavanagh. 
E.  A.  Dalrymple— 4  cop. 
P.  Kelly. 

E.  Smith — 24  copies. 
Geo.  Sharp — 4  copies. 
James   Dougherty. 
Thomas  Drohan. 

Wm.  Stewart — 20  copies. 

F.  R.  Gilmeyer. 
John  McWhirter. 


D.  Brunner,  No.  1  N.  Charles  street 
John  Murphy,  178  Baltimore  street. 


,  Agent,  200  copies. 
Agent,  260  copies. 


WASHINGTON,    D.  C. 


Richard  M.  Johnson,  V.  P.  of  U.  States. 
Andrew  Bierne,  H.  of  Representatives. 
John  Hastings,        do.  2  copies. 

Peter  Newhard,     do. 
Dr.  Alex.  Duncan, do. 
William  Doan,        do. 
Nathaniel  P.  Tallmadge,  U.  S.  Senate. 
Henry  Clay  (of  Ashland),        do. 
Library  of  the  War  Department — 2  cop. 
Library  of  the  Navy      do. 
State  Library  do. 

Register  of  the  Treasury — 2  copies. 
John  S.  Meehan,  Librarian  of  Congress. 
Elias  Kane,  Navy  Agent. 
F.  H.  Gerdes,  U.  S.  Coast  Surveyor. 
Pet.  Force,  Mayor  of  Washington — 2  cop. 
E.  Stubbs,  Chief  Clerk  State  Department; 
Col.  T.  Smallman,  General  Land  Office. 
Col.  Niven,  Gen.  Post  Office  Department. 
L.  J.  Middleton,  Aud.  Office,  P.  O.  Dep. 


Samuel  A.  Houston, 

do. 

do. 

J.  H.  Durham, 

do. 

do. 

Joseph  Carter, 

do. 

do. 

L.  Welsh, 

do. 

do. 

J.  M.  Hanson, 

do. 

do. 

Wm.  S.  Darrell. 

do. 

do. 

Dr.  H.  Dumas, 

do. 

do. 

W.  W.  Cox. 

do. 

do. 

T.  W.  Smith, 

do. 

do. 

Surgeon  Gen's  Office,  War  D 

cpartmc 

General  Gibson, 

do. 

do. 

Col.  L  L  Abort, 

do. 

do. 

John  C.  Goolrick, 

do. 

do. 

M.  Adler, 

do. 

do. 

Wm.  H.  Bailey, 

do. 

do. 

Samuel  Rcaney, 

do. 

,  do. 

Charles  Calvert,  Secretary  War's  Office. 

D.  McCurdy,  Pension  Office — G  copies. 

Fourth  Auditor's  Office — 2  copies. 

McClintock  Young,  Treasury  Department 

Geo.  W.  Barry,  do.  do. 

Henry  Stevens,  Jr.  Fifih  Auditor's  Office. 

Fifth  Auditor's  Office. 

First        do.        do. 

Jonas  P.  Keller,  State  Department. 

C.  H.  Wiltberger,  Reg.  Washington  city. 

Lambert  Tree,  Washington  Post  Office. 


John  Develin,  Treas.  Dep. — 12  copies. 

James  Hoban,  Attorney  at  Law. 

Rev.  S.  Chapin,  D.D.,  Pres.  Washington 

College. 
Wm.  Ruggles,  Professor  of  Mathematics, 

Washington  College — 3  copies. 
John    Shine,   Teacher    of   Classics    and 

Mathematics — 12  copies. 
Dr.  P.  Smith,  Principal  of  Classical  and 

Mathematical  Academy . 
John  McLeod,  Principal  Columbia  Acad- 
emy— 6  copies. 
Francis  Havre,  Assistant  Teacher  Mathe- 
matics, Columbia  Academy. 
Hugh  Russel,         do.  do. — 12  copies. 

Henry  Smoot,  Prin.  West  End  Academy. 
Geo.  L  Abbot,  Principal  Select  Classical 

Seminary — 12  copies. 
C.  H.  Nourse,  Prin.  Classical  Academy, 

3d  street. 
Michael  Slattery,  Prin.  Select  Classical 

and  Mathematical  Academy — 12  copies. 
O.  N.  Stoddard,  Prin.  Select  English  and 

Mathematical  Academy. 
James  Tims,  Clerk  to  the  Senate  P.  O. 
Charles  Vinson,  Gen.  Post  Office  Dep't. 
Dr.  B.  I.  Reilly, 

R.  Smith,  Cashier  Bank  of  Metropolis. 
N.  Callan,  Book-keeper  do.        do. 
The  Bank  of  Washington — 2  copies. 
J.  Dawson  James,  late  Book-keeper  of  the 

Branch  Bank  of  the  U.  S. 
Jas.  Fitzpatrick,  Bank  of  the  Metropolis, 

12  copies. 
Dr.  Charles  Kraitzer,  Prin.  of  Classical 

and  Math.  Academy — 6  copies. 
J.  L.  Henshaw,  Teacher  Public  School. 
Hugh  McCormick,     do.        do.        do. 
John  Boyle,  late  Chief  Clerk  of  the  Navy 

Department. 
James  Handley,  Foreman  at  the  National 

Intelligencer  Office — 6  copies. 
Martin  Johnson,  Foreman  at  Globe  Office. 
R.  J.  A.  Culverwell,  at  the  Globe  Office. 
James  King,  at  N.  Intelligencer  Office. 
Rezin  Beck,  Teacher  of  Mathematics. 
John  P.  Ingle,  Clerk  Ches.  &  Ohio  Canal. 


175 


subscribers'  names. 


PHILADELPHIA,    PA. 


Merchants. 

Barid  S.  Brown  &  Co. 

Miles  &  Pleasant. 

Dallett,  Brothers. 

Geo.  Harley  &  Son^ 

Miller  &  Green. 

Geo.  S.  Lewis  &  Co. 

P.  L.  &  E.  Languerenne. 

Waterman  &  Osborne. 

Winn  &  Pollock. 

Harris  &  Dungan. 

Clement  &  Newman. 

Gowen,  Jacobs  &  Co. 

Benners,  Badger  &  Co. — 6^ 

Dechampes  &  Cauet. 

Shutz,Son  &  Rex — 4  cop. 

Ludwig  &  Kneedler. 

Wm.  H.  Brown  &  Co. 

Stewart  &  Brothers. 

Eckel,  Spangler  &  Raguel. 

Hollingshead  &  Son. 

Fossith  &  Langstroth. 

N.  H.  &  E.  Brown. 

W.  &  W.  H<  Richards. 

Parrish  &  Johnson. 

Livingston  &  Lyman. 

Steinmetz&  Justice. 

Collins  &  Wistar. 

Levick  &  Jenkins. 

Calladay  &  Brother. 

Brooks,' Tyson  &  Rehir. 

Spering,  Good  &  Co- 

Adams  &  Knight. 

John  Stokes  &  Co. 

Caleb  Cope  &  Co. 

Mitchell,  Brognard  &  Co. 

Robert  F.  Walsh,  of  the 
firm  of  David  S.  Brown 
&  Co. — 12  copies. 

Moore,  Heyl  &  Co. 

Hutman  &  Hanman. 

Coates  &  Austie^ 

Earps  &  Havin. 

Dorsey  &  Son. 

I.  &  H.  S.  Ross. 

Stohe  &  Evans. 

Dale,  Remington  &  Ross. 

R.  Paxon  &  Sons. 

0'Neil&  Moore. 

A.  &  M.  Arnold. 

Hickman  &  Brother. 

Leonard  &  Rowe. 

Ensign  &  Little. 

C.  F.  Clarke  &  Co. 

Lowber  &  Wilmer. 

McGrath  &  Fox. 

Wm.  &  John  Brown. 

Adams  &  Lukens. 

A.  &  G.  B.  Skilton. 

L.  &  N.  A.  Ludwig. 

Van  Brunt  &  Devoo. 

Craig,  Holmes  jt  Co. — 5. 

James  Mitchell  &  Son— 2. 

Young  &  INIaitland — 3  cop. 

Mercer,  Brothers  &  Co. 

Newbold  &  Haverstick. 


Wm.  &  Ji  Calhoun. 
Thos.  Sparks  &  Co. 
S.  &  W.  Walsh. 
Robinson  &  Stockley. 
John  De  Bell  &  Co.— 4. 
Bunting  &  Co. 

A.  &  J.  Ralston  &  Co. 
Danforth  &  Hoopes. 

J.  P.  &  E.  D.  Davis. 
CarJwell  &  Harker — 3. 
John  Stone  &  Co. 
Welsh,  Longerricker  &  Co 
Wilmer  &  Cannell. 
Geo.  H.  Richards  &  Co, 
McMullin  &  O'Ker— 4cop. 
M.  A.  Maltus  &  Co.— 2. 
Taylor  &  Kara. 
E.  Edwards  &  Son. 
Litfield  &  Matthias. 
Noble  &  Zane. 
Doyle  &  McNeely. 
Benjamin  Glenn. 
John  Simpson. 
Samuel  Carver. 
Peter  Logan. 
Wm.  A.  Stephens. 
G.  A.  Braidenhart. 
John  H.  Irwin. 
Robt.  McGill, 
Hugh  O'Donnell. 
Wm.  H.  C.  Riggs, 
Henry  Perkins. 
Francis  Fearon. 
John  H.  Deilhe. 
Wm.  P.  Hanna. 
Francis  Cooper. 
James  O'Conner, 
Wm.  C.  Houston. 
Wm.  Notron. 
Wm.  Wainwright. 
Benj.  C.  Alteraus. 
James  Rowland. 
Bushrod  Smith. 
Wm.  P.  Hacker. 
Bilger  McGowan. 
Nathan  Taylor. 
Matthew  Chambers. 
Benj.  R.  Cutter. 
Henry  Francis. 
Jos.  J.  Money. 
Alex.  Wilmer. 
T.  T.  Butcher. 

B.  S.  Burling. 

Chs.  Palmer — 4  copies. 
P.  S.  Lawton. 
J.  P.  Wentworth. 
W.  F.  Smith. 
Wm.  Lazalere. 
Geo.  F.  Henderson. 
John  Reynolds. 
Wm.  D.  Hicks. 
P.  W.  Wood. 
E.  M.  Marter. 

C.  Lachapclle. 
Jno.  G.  McKaigher. 
Robert  Smith. 

176 


J.  Heston. 
Chs.  Lelones, 
Geo.  G.  Maris. 
Jas.  G.  Finley. 
David  Cooper. 
J.  S.  Mumer. 
W.  C.  Graham. 
W.  T.  Carpenter. 
Edwd.  Browning. 
Jacob  Mulford. 
Jas.  M.  Mulford. 

F.  S.  Hoeckley. 
A.  B.  Green. 
Wm.  D.  Addcock. 
Joseph  Amies. 
W.  R.  Speckman. 
Wm.  Cooper. 
John  E.  Taben. 
John  Elliott. 
Wm.  F.  Miles. 
Saml.  Townsend. 
Wm.  D.  Albright. 
Geo.  C.  Stewart. 
Solomon  Townsend. 
Stephen  C.  McNeiUe. 
John  F.  Walker. 

J.  R.  McClure. 
H.  Smith. 
W.  R.  Stockton. 
Wm.  Hardwicke. 
Ogden  Townsend. 
Samuel  Richey. 
Elias  Cope. 
S.Tobias. 
Joseph  Rimbey. 
Edward  Waters. 
E.  Grundy. 
James  Faber. 
M.  Butterfield. 
Edwd.  Wrigby. 
Saml.  Croft. 

G.  G.  Westcott. 

D.  L.  Hutchinson. 
L.  L.  Johnson. 
Robt.  Golder. 

C.  M.  Jackson. 

Thos.  T.  Phillips. 

Jas.  Burns. 

Wm.  Tage. 

John  Walbright. 

John  E.  Sleeper. 

Thos.  Wand. 

John  Sleiser. 

David  Boj-d, 

A.  W.  Metcalf. 

Thos.  Almond,  Jr. 

Wm.  Wallace. 

W.J.  Laudett — 2  copies. 

W.  W.  Babbitt. 

E.  Blanchard. 
Geo.  L.  Balcom. 
Alex.  Tilden — 4  copies. 
Geo.  W.  Taylor. 
John  McKinley. 
Wm.  Powell. 

Edwd.  Robins. 


subscribers'  names. 


Joseph  H.  White. 

R.  Crory. 

Saml.  F.  Matchett. 

F.  S.  Chapron. 
Thos.  R.  Raherston. 
Paul  Moody. 

H.  C.  Troutraan. 
Thos.  Grinshall. 
Geo.  Schober. 

D.  O.  Prouty. 
T.  Bowlby. 
J.  C.  Eraley. 
Paul  J.  Field. 
John  Elliott. 
W.  Milligan. 
Walter  Conyers,  Jr. 
Stogdell  S.  Bryan. 
Jacob  Keyser. 
Geo.  C.  White. 

W.  G.  Stoy. 
Geo.  Wright. 
P.  Snyder. 
Joseph  Green. 
Jacob  F.  Fowler. 

G.  K.  Smith. 
Enos  Myer. 
Edgar  Emerick. 
Edwd.  Cumraings. 
Wm.  Hannis. 

A.  H.  Eckhardt. 
G.  W.  Rahwn. 
John  Haas. 
Fredk.  Haas. 
Wm.  B.  Keyser. 
Geo.  Coleman. 
Gilbert  Hopkins. 
James  White. 
Jno.  M.  Riddle. 
C.  B.  Sellers. 
Watson  Wall. 
V.  Bowlby. 
Saml.  Brock. 
Mahlon  Fowler. 

E.  W.  Beans. 

C.  Beamish. 
W.  Whartonby. 
John  B.  Stevenson. 
Geo.  C.  Rambach. 
Chs.  Davenhower. 
John  Lentz. 
Wm.  Sevan. 
John  De  Barry. 
Wm.  Granger. 
Josiah  Quigg. 
Wm.  Rovouat. 

P.  P.  Edenburn. 

D.  F.  Pauldin. 
John  Wilkinson. 
Thos.  Baird. 
Robt.  Ewing. 


B.  Kaign. 
S.  L.  Kirk. 
.Joseph  Simpson. 
Lewis  Tracy. 

C.  A.  Theocium. 
John  McHenry. 
J.  H.  Gardner. 
Wm.  S.  Collins. 
Jno.  Weightman. 
A.  R.  Lukens. 
C.  S.  Eshere. 
Saml.  R.  Lentz. 
Jas.  J.  McCoy. 
Thos.  Haidy. 
Rodman  Wharton. 
John  Lentz,  Jr. 
James  M.  Davis, 
L.  M.  Troutman. 
Wm.  B.  Johnston. 
Chs.  Galloney. 
Thos.  Webb. 
John  Lochery. 
Thos.  Beffield. 
Henry  L.  Elder. 
Y.  Z.  Dehaven. 

Book-keepers. 
R.  McCunney. 
J.  B.  Peck. 
W.  W.  Nogel. 
Jas.  Maid,  Jr. 
Jno  M.  Steuart. 
Jno.  King. 
Henry  H.  Duncan. 
Wm.  NeiU. 
Jno.  B.  Dick. 
Adam  Mawling. 
Michael  Dunn. 

A.  Daniel. 
Jno.  Caldwell. 
Thos.  McGrath. 

B.  Tilden. 
R.  Smith. 
Milton  Shee. 

C.  Steinmetz. 
Wm.  Greaves. 
Jas.  S.  Martin. 
Jno.  P.  Simons. 
C.  Hughes. 

S.  Richey. 

R.  Gibbs. 

W.  E.  Corry. 

Wilson  Kent. 

Jas.  W.  Newlin. 

E.  Hutchins,  Jr. — 6  copies. 

Thos.  Allman,  Jr. 

Wm.  Wallace. 

W.  W.Clarke. 

E.  Blanchard. 

J.  McKinley. 


C.  Walsh,  Jr. 

C.  M.  Schott. 
J.  W.Saxton. 
John  L.  Weeks. 

D.  S.  Bledeman. 
Jas.  C.  Airy. 
N.  S.  Dure. 

T.  H.  Knight. 
M.  Hyneraan. 
Jas.  Hunt. 

E.  W.  Beans. 
Jacob  Shick. 
Wm.  Buckley, 
R.  Henshaw. 
J.  T.  Mathias. 
Jos.  S.  Rowand. 
D.  J.  Nolen. 
N.  Richardson. 
Coates  Walton. 
H.  Craig. 
Saml.  Lloyd. 
John  Danskin. 

Jos.  S.  Snowden,of  South- 

wark  Bank. 
D.     Alden,     Book-keeper 

Globe    Ins.    Trust    and 

Annuity  Company. 
G.  M.  Troutman,  Cashier 

of  the  Western  Bank. 
Geo.  L  Hamilton,  Cashier 

Kensington  Bank. 
Chas.  Keen,  Book-keeper 

Kensington  Bank — 2  cop. 
J.  Wainwright,  President 

Kensington  Bank — 2  cop. 
Jacob  Frick,  Cashier  Bank 

of  Pennsylvania. 
Thos,  H,  Craig,  President 

Manufdcturers  and  Me- 
chanics' Bank — 4  copies. 
James  Hunt,  Book-keeper 

Man.  and  Mech.  Bank. 
T.  Sturgess,  Book-keeper 

Western  Bank — 3  cop. 
Alth  Ford — 12  copies. 
John  Kern, 
C.  H.  Fisler. 
John  Keeffe — 4  copies. 
Alderman  Hootan,  Custom 

House, 

F.  W.  Humphrey.  , 
M.  Cunningham — 6  copies. 
John  F.   Stump,    Custom 

House. 
James  S.  Wharton,  U.  S. 

Measurer. 
Cyrus  Joy,  Texan  Consul. 
The    Philadelphia      High 

School — 12  copies. 


Professor  Bache,  President  of  the  Philadelphia  High  Sch'ool. — 12  copies. 

Rev.  Dr.  Connor,  President  of  St.  Charles  Barromeo  College.— 6  copies. 

John  Beatty,  Professor  of  Classics  and  Mathematics — 24  copies. 

B.  Shee,  No.  22  Commerce  street.  Agent,  500  copies. 

M.  FiTHiAN,  No.  61  North  Second  street.  Agent,  200  copies. 


177 


subscribers'  names. 


NE  W    Y  O  RK. 


Firms. 

Prime,  Ward  &  King. 

Boltou,  Fox  &  Livingston. 

Lawrence  &  Trimble. 

Wm.  P.  Miller  &  Co. 

A.  Melvin  &  Co. 

Sneeden,  Schenck  &  Co. 

Wetherell,  Sprague  &  Co. 

Ripley  &  Ceylon. 

A.  &  G.  F.  Everson. 

John  Jewett  &  Sons. 

Peck  &  Sawyer. 

Allen  &  Poillon. 

McCoon,  Sherman  &  Co. 

Van  Schaick  &  Adams. 

E.  C.  Boughton  &  Co. 

Battell  &  Renwick. 

J.  M.  Oppenheim  &  Co. 

Prentice,  Finn  &  Co. 

John  M.  Bruce  &  Son. 

D.'A.  Booth  &  Co. 

John  M.  Davis  &  Jones. 

Stone  &  Co. 

Frost  &  Jacobus. 

J.  D.  Whitthaus  &  Sons. 

Wm.  Stenson  &  Son. 

Collville  &  Flemming. 

Garner  &  Co. 

Grovenor  &  Co. 

Whight,  Sturgis  &  Shaw. 

Saml.  J.  Beals  &  Co. 

John  Gihon  &  Co. — 4  cop. 

Smith,  Thurear  &  Co. 

A.  S.  Nesmith  &  Co. 

Joslin  &  Case. 

Walker,  Brother. 

Henry  Cardell  &  Co. 

L.  M.  Whitney  &  Co. 

Theod.  Grunental  &  Co. 

Lamoy,  Sourdeux  &  Mo- 
ran. 

McNamee  &  Sandford. 

Richardson  &  Watson. 

Beirne  &  Burnside. 

S.  T.  Jones  &  Co. 

Wolf  &  Gillespie. 

Penfield  &  Co. 

Kissam,  Brice  &  Sons. 

Cornell,  Brothers. 

A.  &  S.  WiUet. 

A.  Whitlock  &  Co. 

E.  K.  Collins  &  Co. 

Hargous,  Brothers  &  Co. 

Nesmith,  Leeds  &  Co. 

Thompson  &  Co. 

Edgerton  &  Washburn, 

A.  J.  &  H.  Gibbs. 

J.  S.  Jones  &  Co. 

Jones  &  Smith.  « 

Sugar  Refinery,  S.  street — 
3  copies. 

Gregory  &  Harman. 

S.  S.  &  B.  F.  Clarke. 

Benjamin  &  Bodine. 

D.  Demarey  &  Sou. 

Colgate  &  Williams— 3. 


J.  O.  &  D.  Fowler— 2. 
Hogg  &  Desametor. 
D.  B.  &  J.  S.  Wood. 
Hearn,  Brothers. 
John  Wallace  &  Co.— 2. 
Sedgebury  &  Sherwood. 
Bogart  &  Co. 
John  Duncan  &  Son. 
Wood  &  Bogart. 
Thome  &  Chumar. 
Greene  &  Thompson. 
Wm.  M.  Johnson  &  Sons 

— 6  copies. 
Hall  &  Losh. 
Mastus,  Markoe  &  Co. 
Harden  &  Co. 
Hutchins, Caswell  &  Smith 
Hubbs  &  Busby. 
Grant  &  Barlow. 
Thompson  &  Dvvyer. 
Waldo  &  Co. 
B.  Mooney  &  Co. 
Abbott  &  Wilcomb. 
Russell  &  Capland. 
Wm.  G.  Sterling  &.  Co. 
Beebe  &  Brothers. 
Arcularius  &  Bonnett. 
Davis,  Brooks  &  Co. 
Habishan  &  Jones. 
J.  B.  Lasala  &  Co. 
Wm.  Myers  &  Co. 
P.  Borneo  &  Co. 
Creagh  &  Heydecker. 
Holt  &  Owen. 
Levi  Cook  &  Co. 
Holt  &  Co. 

Merch'U,Book-keepers,8fc. 

W.  Q.  Wood. 

J.  T.  Hutchins. 

M.  M.  Smith. 

H.  P.  Fowler. 

G.  F.  Brown. 

D.  W.  Canfield. 

J.  H.  Briffgs. 

S.  M.  Fellows. 

Thomas  Day. 

R.  D.  Chilliugworth, 

K.  Stevens. 

Jacob  Wagner. 

Wm.  Brown. 

L.  Cox. 

Fred.  Kemp. 

W.  Sanford. 

G.  Wilson. 
;  P.  Thompson. 
I  P.  H.  Bush— 2  copies, 
I  W,  H.  Wiight. 

F.  G.  Cardwell — 3  copies. 

B.  Schenkberg. 

W.  B.  Sage. 

H.  Barbour. 

Edwd.  Hodges. 

Jas.  Thompson. 

L.  McBean. 

A.  Dunbar. 

178 


F.  S.  Mumford. 
J.  M.  Gardner. 
J.  Z.  Wentworth. 
Saml.  Schyler. 
Alfred  Wright. 
Robt.  Kirk. 
M.  J.  C.  Barker. 
Wm.  Eaton. 
Wm.  F.  Beams. 
T.  G.  Stevens. 
Wm.  Hall. 
T.  G.  Ford. 
R.  M.  Jessup. 
Alfred  P.  Bixby. 
Jas.  Cleland. 
Thos.  Underbill. 
F.  Kneeland. 
R.  Van  Brunt. 
Chs.  Fox. 
J.  L.  Davis. 
A.  H.  Badger. 
H.  P.  Simmons. 
Wm.  Miles. 
Isaac  Hyde,  Jr. 

A.  M.  Young. 
S.  P.  Greer. 

R.  D.  Van  Nostrand. 

C.  W.  Trotter. 
Wm.  L.  Dryer. 

i  G.  G.  Smith. 
!  G.  R.  Smith. 
i  H.  C.  Bouden. 

W.  H.  Cotton. 

John  Colgan. 

B.  Reilly. 
Jacob  Stout. 
Chs.  Gibbons. 
Jno.  D.  Everson. 
P.  C.  Connell. 

D.  N.  Milner. 
A.  O.  Innes. 
Tobias  Hacket. 
Wm.  Crawford. 

C.  W.  Amburger. 

E.  N.  Leslie. 
Jno.  D.  McKenzie. 
M.  Newton. 

A.  Crane. 
Wm.  Tell. 

E.  F,  Chapman. 
H.  V.  Sovrl. 
Richd.  Irwin. 
H.  T.  Ingolls. 
Ford  Grant. 

D.  Sprague. 
C.  J.  Doughty. 
N.  Tell. 
Eugene  Le  Gall. 

F.  Jacobus. 

M.  A.  Graham. 

Geo,  Moran. 

A.  W.  Van  Derwerkin. 

F.  H.  Seaman. 

J.  P.  March, 

James  Clinch. 

E.  D.  Morgan. 


subscribers'  names. 


Solomon  Shepherd. 
C.  Williams. 
S.  Gilbert. 
Jas.  E.  P.  Dean. 
Wm.  Borden. 
Geo.  Sowden. 
Wm.  Johnson. 
Henry  Allen. 
W.  G.  Medicott. 
Seth  Batts,  Jr. 
M.  S.  Bilt^ 
J.  P.  Smith. 
J.  D.  Morgan. 
H.  A.  Martin, 
C.  B.  Hatch. 
R.  H.  Flower. 
L.  G.  Gorman. 
Wm.  Burnet. 
Saml.  C.  Hills. 
Elias  B.  Mullany. 
Lulher  Coste. 
Aug.  Jacobus. 
Jas.  F.  Alden. 
S.Smith. 

A.  W.  Smith. 
J.  T.  Wilcox. 
Robt.  Protherre. 
Thos.  Dickson. 
Jas.  E.  Jenkins. 
Asa  Wood  berry. 
C.  J.  Roosevolt. 

W.  H.  Schoomeaker. 
Wm.  Weed, 
•las.  Breath. 
F.  S.  Knitland. 
H.  W.  Whitney. 
S.  Kingslay. 
Albert  Cutter. 
Jas,  E.  Seaver. 
Calvin  W.  How. 
Chs.  S.  Oakley. 

F.  W.  Knapp. 
Robt.  Hall. 
John  Smith. 

C.  H.  Darling. 
Wm  H.  Coriius. 
Jas.  K.  Place. 
Edwin  Chapin. 
J.  W.  Coriius. 
J.  Beard. 
Alex.  Grant. 
W.  B.  Cole. 

H.  H.  Drown. 
E.  G.  Starr. 
R.  C.  Heath. 

B,  J.  Godfrey. 
Hiram  P.  Powell. 
John  F.  Green. 
And.  Coates. 

G.  L.  Ford. 
Const.  Brause. 
Wm.  C.  Rufell. 
Robt.  Hill 

A.  S.  Brown. 
Jas.  Nathan. 
E.  Mulligan. 

D.  Fairbanks. 
R,  Van  Wagner. 


M.  Anderson. 
Chs.  L.  Hayward. 
D.  W.Smith. 
Peter  Parks. 
Wm.  Montgomery, 
W.  H.  Tiffany. 
C.  Godfrey. 
VVm.  Haycock. 
S.  Oraihn. 
A.  W.  Wright. 
G.  D.  Hubbard. 
S.  Greenland. 
J.  E.  Pain. 
H.  G.  Hart. 
H.  Galpin. 
H.  Carroll— 4. 
Jas.  Dickerson. 
C.  McConnell. 

C.  Dever. 

L.  F.  Zander. 

D.  D.  Gassfner, 
J.  Stephens. 

S.  H,  Perron. 
A.  Griffin. 

E.  Fitzgerald. 
W.  J.  Wright. 

E.  Fenner. 
K.  B.  Daly. 

D.  Messinger. 
C.  G.  Lander. 
C.  Rozencrantz. 
J.  Connor. 

G.  Clapham. 
R.  G.  Moulton— 2. 
O.  V.  Loorais. 
Jas.  Young — 4. 

F.  W.  Urann. 
Walter  Kissam# 
J.  J.  Northrop. 

E.  J.  Roach, 
A.  Churchman, 
C.  Matthews, 
J.  Ketchum. 

C.  Ford  ham. 
L.  N.  Marshall. 
S.  Garabrant, 
T.  F.  Phillips, 
W.  H.  Dodge. 
J.  C.  Hogger, 
W.  L.  VVestcott. 
J.  P.  Schlenerph. 
J.  Weighly. 
Otto  Andrew. 

H.  P.  Sanger. 
R.  M.  Mason. 
Jas.  Moir. 

D.  D.  Kingsley. 
A.  K.  Post. 

C.  G.  Mease. 
J.  W.  Spring. 
H.  A.  Bicknell. 

E.  Sanger. 

W.  L.  Baumby. 
J.  P.  Babcock. 
J.  A.  Clark. 
Geo.  W.  Coffman. 
J.  F.  Green. 
J.  P.  Wolcott. 

179 


C.  J.  Lilliendahl. 

F.  W.  Asbury. 
Jas.  Pilkin. 
M.  Neilson. 

J.  Griffin. 
John  Dubois  ■ 

G.  Kienbush. 
J.  S.  Hassall. 
W.  Childs. 

J.  C.  Watson. 
S.  Lounsbury. 
David  Webb. 
G.  F.  Peterson. 

D.  Van  Alt. 
John  Sniffin. 
A.  G.  Gibbs. 

F.  B.  Case. 

R.  T.  Goldsmith. 
■  F.  M.  Taylor— 3. 
Wm.  Boyd.  ' 

C.  J.  Coffin. 
Geo.  Thompson. 
Alonzo  D.  Peck. 
S.  T.  Valentine. 
Asper  O.  Havens. 
A.  F.  Thorn. 
George  Oliver — 4. 
Daniel  Jones — 2. 

D.  F.  Goodhue. 

G.  B.  Sherman, 
Chris.  Cavanagh — 4. 

F.  O.  Jennings— 2. 
L.  H.  Good— 3. 
Thos.  Van  Buren— 2. 
John  P.  Storm. 

J.  D.  Harlmick. 

E.  Coolidge. 

W.  H.  Dansenbury. 
H.  Cromwell. 
George  Clark. 
L.  Hoppock. 
James  Lampheer. 
Wm.  Sampson — 2. 
E.  C.  Cook. 
Enoch  Morgan. 
H.  H.  Johnson — 3. 
A.  R.  Hays— 4. 
John  W.  Ludlow. 
R.  F.  Dickson. 
D.L.Ford. 
J.  H.  Bockover. 

C.  Van  Ryple. 
A.  McDowell. 
Van  Norden. 

D,  Sloan. 

D.  Quackenbush. 
Chs.  Jenkins. 

P.  H.  Folsom. 
N.  C.  Garretson. 
Rob.  M.  Orr. 
H.  H.  Tappan. 
A.  Tappan. 

E.  Titus— 2. 

W.  H.  Haughton. 
Jos.  Rivet. 
M.  Rice. 
H.  L.  Schrymser. 

G.  Holmes. 


SUBSCEIBERS'    NAMES 


Z.  Root. 

C.  McKeiizie. 
E.  Powell. 

A.  Journey. 
T.  W.  Rodney. 
J.  W.Kellog. 
Jno.  Wallace. 
P.  M.  Sillcock. 
J.  Potter. 

D.  Wcsterfelt. 

E.  Myers. 
John  Chapman. 
J.  H.  Townsend. 
J.  H.  B.  Weaver, 

A.  Pease. 
W.  Pearce. 
T.  S.  Leonard. 
Wm.  Sedgebary. 
John  H.  Howe. 
Wm.  Vanderbilt. 
J.  Knight. 
Michael  Gorden. 
J.  L.  Greene. 

N.  H.  Labarte. 
Wm.  Goadly. 

B.  Clapp. 

C.  Downing— 3. 
Jacob  Wall — 4. 
Jas.  Carpenter. 
George  Killock. 
Adolph.  Bernhennier — 6. 
Robt.  P.  Perrine— 2. 

E.  A.Young. 
Wm.  E.  Briggs. 
H.  S.  Ketcham. 
Wm.  A.  Dray. 
A.  Wood -3. 
C.  H.  Parsons. 
Alonzo  Hebbard. 
H.  McCullum. 
O.  Hay. 

Wm.  Levins. 
C.  H.  Deitz. 
N.  B.  Spelman— 6. 
J.  C.  Harris— 4. 
S.  M.  Leaper. 

F.  Benschoten — '2. 
Wm.  Rittenhouse. 
Wm.  F.  Flemming. 
J.  E.Bond. 

M.  Dervis. 
H.  H.  Hanson, 
Wm.  C.  Greig. 
J,  W.  Winn. 


A.  Abernethy. 
W  H.  Wilson. 
W.  McDougal, 
James  Myers. 
W.  N.  Seymour. 
A.  A.  Folmar. 
Geo.  W.  Beat. 

D.  Rockwell. 
T.  H.  Dick— 2. 
Aaron  Cragin. 
P.  N.  Pierson. 
W  A.  Shaw— 3. 
T.  Morley— 6. 
R.  Smith. 

E.  Backus. 
C.  S.  Hine. 

A.  F.  Weekes— 3. 
A.  J.  Mead. 
H.  Dexter. 
W.  Packard. 

C.  C.  Trowbridge. 
J.  T.  Water*. 
John  Liddle. 

T.  V.  Morrell. 
J.  W.  Schofield. 
L.  F.  Harrison. 
J.  Newman. 
H.  Morse. 

D.  S.  Woolley. 
J.  F.  Barry. 

J.  Sherwood — 4- 
J.  Higginbottom. 
H.  O.  Lawin. 
G.  W.  Quinby. 
Jas.  Buchan. 
J.  W.  Briggs. 
W.  S.  Dorwin. 
Clark  Smith. 
H.  MeiggB. 
C.  R.  Townsend. 

C.  Roome. 
Wm.  Browning. 
Jas.  Smithsou. 
N.  Howell— 2. 

E.  Rcome. 

J.  Van  Rensselaer. 
Wm.  T.  Rooker. 
J.  Lynch. 
W.C.  Lemon— 2. 
A.  B.  Abbott. 
O.  R.  Atwell— 3. 
E.  Schenck. 

D.  Humbert. 


W.  G.  Archer. 

E.L.  Gale. 

C.  B.  St.  John. 

J.  Tyler  Brigham. 

T.  G.  Stearns. 

H.  A.  Waters. 

G.  W.  Austin. 

S.  W.  Pond,  Jr. 

R.  W.  Perkins. 

J,  S.  Doughty, 

J.  Hegeman. 

R.  V.  Thome. 

A.  H.  Birbeck— 2. 

N.  W.  Van  Brunt. 

Jas.  Howe. 

W.  Reed— 3. 

N.  Lacy— 6. 

John  Lvou. 

S.  Parks. 

J.  A.  Parsons. 

O.  C.  Forsyth— 4. 

J.  Sillock. 

T.  Miles— 12. 

W.  C.  Hoogland— 2. 

W.  C.  Rushmore. 

L.  B.  Van  Kkek. 

S.  Taylor. 

J.  H.  Allen. 

Wm.  Bingham. 

Isaac  Merritt. 

Jas.  H.  Fonda. 

Edwd.  Farrell. 

J.  Arnold. 

W.  H.  Hill. 

W.  H.  Reynolds. 

Wm.  McGeorge— 12. 

Jacob  Whitney— 12. 

A.  R.  Booth. 

John  Caughey. 

W,  C.Arnold. 

H.  Fish. 

A.  Gilbert. 

M.  Carey. 

J.  T.  Lawson. 

T.  C.Ring, 

T.  Beveridge. 

P.  H.  Foster— 6. 

R.  Moore. 

J.  W.  Miller— 2. 

G.  Farnum. 

J.  Lomas — 3. 

J.  Palmer. 

W.  Cozzrens- 4. 


Messrs.  Casserly  &  Sons,  108  Nassau  street.  New  York,  Agents,  600  copies. 


^Jd-An  alphabetical  list  of  the  names  of  such  professors  of  colleges,  principals  of  acade- 
mies, trustees  of  schools,  bankers,  &c.,  as  have  adopted  the  work  throughout  the 
United  States,  will,  at  a  future  period,  be  published  in  pamphlet  form,  together  with 
such  letters,  certificates  and  reviews  that  are  commendatory  of  the  work,  and  left 
with  agents  and  others  for  distribution. 


180 


TESTIMONIALS. 


EXTRACT  FROM  THE  BALTIMORE  PATRIOT. 

One  of  the  most  simple,  and  at  the  same  time,  one  of  the  most  complete  treatises  on  the  im- 
portant  and  interesting  study  of  Book-keeping,  is  that  by  Mr.  Shea,  and  the  public  are  greatly 
indebted  to  that  gentleman  for  reducing  to  piactice  and  rendering  useful  in  the  counting  room, 
several  subjects  which  have  heretofore  had  names  only  in  tlieory,  without  being  of  any  practical 
utility  whatever. 

The  plan  of  theorizing,  which  extended  former  works  on  the  science  of  Book-keeping,  to  a 
very  great  length,  some  of  them  occupying  from  two  to  five  hundred  pages,  instead  of  affording 
facilities  to  the  learner,  served  only  to  mystify  the  subject  and  place  difficulties  in  the  way  of  ) 
his  improvement.  Terms  of  no  value  are  introduced  in  them,  and  attempts  made  to  explain 
phrases  altogether  irrelevant ;  in  this  manner  page  after  page  was  expended,  and  in  place  of 
being  a  science  in  which  regularity  and  system  were  to  be  found,  Book-keeping  for  years  has 
been  little  else  than  a  confused  theory  which  could  never  be  properly  understood,  and  many  of 
its  branches  were  wholly  unfit  for  practical  use.  All  these  extraneous  considerations,  Mr.  Shea 
has  carefully  avoided,  and  he  has  condensed  into  a  volume  of  less  magnitude,  every  thing  that 
was  valuable  in  those  more  comprehensive  and  voluminous  works  to  which  we  have  alluded. 

The  work  before  us  is  divided  into  five  parts,  in  each  of  which  the  different  departments  are 
introduced,  under  their  appropriate  heads. 

Book-keeping  by  single  entry  is  the  first  subject  presented  by  the  author.  In  this  we  have 
two  methods,  plainly  and  clearly  exhibited,  with  every  necessary  explanation.  The  style  is  so 
simple  that  the  merest  tyro  may  readily  comprehend  it,  and  the  terms  are  so  fully  explained,  that 
the  student  of  ordinary  intelligence  may  pursue  his  way,  even  without  tlie  aid  of  an  instructor. 

Part  second  opens  with  Book-keeping  by  double  entry,  and  this  the  author  has  so  admirably 
simplified  and  familiarized,  that  after  examining  into  its  principles,  as  he  has  explained  them, 
we  find  that  double  entry  is  not  that  mighty  thing  it  has  long  been  imagined,  which  would  re- 
quire years  of  patient  study  to  explore,  and  arduous  application  to  understand.  The  definitions 
and  their  various  bearings  are  unfolded  to  the  mind  in  a  way  that  can  hardly  fail  to  impress  it 
with  a  correct  idea  of  their  relative  connexions,  and  the  information  they  convey  will,  it  is  very 
likely,  be  rendered  permanent  in  consequence  of  their  being  communicated  in  a  style  so  easy  to 
be  understood. 

Part  tliird  consists  of  a  series  of  lectures,  arranged  in  the  form  of  question  and  answer,  in  * 
which  the  whole  science  of  Book-keeping  is  exhibited.  These  lectures  we  should  think  invalu- 
able to  the  student,  inasmuch  as  they  cover  the  entire  ground,  suggesting  interrogatories,  many 
of  which  might  never  occur  to  him,  and  furnishing  the  replies  with  greater  promptness  than 
could  be  expected  from  a  preceptor.  They  also  embody  a  set  of  rules,  notes,  &c.,  never  before 
introduced  in  any  work  upon  the  subject. 

In  this  part  there  are  also  a  great  number  of  commercial  forms,  such  as  receipts  for  money 
received  under  different  circumstances,  drafts  of  a  variety  of  forms,  bills  of  parcels,  promissory 
notes,  bills  of  exchange,  accounts  current,  bank  books,  checks,  bills  of  lading,  invoices,  accounts 
sales,  &c.,  which  are  useful  to  every  man  engaged  in  business ;  and  while  they  contain  the 
simple  plan  of  accounts,  which  the  mechanic  and  man  of  moderate  means  may  use,  they  em- 
brace every  variety  of  form  that  may  afford  facilities  to  the  most  extensive  trader. 

181 


TESTIMONIALS. 


Part  fourth  contains  a  great  number  of  useful  calculations,  comprising  probably  every  form, 
and  suited  to  every  circumstance  that  may  occur  in  the  most  extended  mercantile  transactions. 
In  equation  of  payments,  for  instance,  all  the  methods  are  given  now  pursued  in  the  best  count- 
ing houses ;  in  addition  to  which,  there  is  much  other  valuable  information  on  the  same  subject, 
not  before  noticed  by  any  of  the  author's  predecessors.  In  some  of  them,  fractions  are  intro- 
duced and  run  through  a  number  of  supposed  occurrences,  showing  the  manner  in  which  every 
question  arising  in  busihess  may  be  fully  ascertained.  The  calculations  of  interest  are  multi- 
form and  exceedingly  interesting ;  accompanying  them  are  questions  designed  for  the  learner's 
practice,  which  he  may  solve  by  the  assistance  afforded  by  those  of  a  similar  nature,  given  as 
examples,  and  worked  in  the  plainest  manner.  Many  of  tiiese  calculations  are  entirely  original, 
they  not  only  give  evidence  of  the  author's  experience  and  practice  as  an  accountant,  but  also 
exhibit  his  skill  and  judgment  in  their  arrangement. 

In  addition  to  the  calculations,  there  is  in  this  part  a  series  of  commercial  regulations,  estab- 
lished by  the  Baltimore  Board  of  Trade,  in  which  may  be  seen  at  a  glance  any  arrangements 
in  stocks,  exchanges,  freights,  storages,  tares,  &c.,  regulating  the  whole  arena  of  commerce  as 
connected"  with  the  city  of  Baltimore,  and  a  table  of  European  coins,  reduced  to  dollars  and 
cents. 

Part  fifth  is  made  up  of  a  vocabulary  of  commercial  terms,  which  contains,  we  believe,  every 
term  used  in  the  counting  room,  and  these  are  defined  in  a  plain  and  impressive  style. 

Having  thus  rapidly  and  imperfecUy  glanced  at  the  prominent  features  of  the  work  before  us, 
the  reader  may  form  some  idea  of  its  arrangement,  as  well  as  of  its  value;  and  we  do  not  hesi- 
tate to  state  that  Mr.  Shea  has  been  entirely  successful  in  his  eflTorts  to  render  the  study  of 
Book-keeping  easy  and  interesting. 

We  are  pleased  to  learn  that  the  work  is  already  extensively  patronized,  and  by  reference  to 
the  subscription  list,  we  find  the  names  of  some  of  our  most  prominent  mercantile  men,  as  well 
as  those  of  the  principals  of  almost  every  respectable  college  and  school  in  Baltimore.  We 
mention  this  as  it  shows  that  the  labors  of  Mr.  Shea  are  appreciated  in  the  city  where  they  have 
been  prepared  and  given  to  the  public,  and  we  hope  he  may  be  as  well  encouraged  by  the  schools 
and  academies  as  well  as  the  counting  houses  of  other  cities. 


EXTRACT   FROM   THE    HOWARD    FREE    PRESS. 

Shea's  Book-keeping.— The  excellence  of  Mr.  Shea's  system,  and  its  acknowledged  superi- 
ority over  others,  is,  we  believe,  pretty  generally  admitted.  As  a  general  work  it  is  peculiarly 
adapted  to  every  kind  of  business  pursued  in  the  United  States.  The  power  of  condensation 
and  generalization  is  very  ably  developed  throughout  the  work.  The  grand  object  of  the  author 
is  to  exhibit  the  science  of  Book-keeping  as  it  is  practised  in  our  well-regulated  counting 
houses,  and  to  furnish  learners  with  a  simple  and  comprehensive  text-book.  As  a  testimonial 
of  its  intrinsic  merits,  it  has  been  patronized  by  the  principal  libraries  of  the  general  govern- 
ment, by  some  of  our  most  distinguished  members  of  congress,  by  many  of  the  most  promi- 
nent merchants,  colleges,  academies,  schools,  &c.,  in  the  District  of  Columbia,  and  in  this 
state.  It  only  requires  an  attentive  perusal  by  merchants,  bankers,  instructors  of  youth,  and 
others,  to  insure  it  an  extensive  patronage  throughout  the  United  States. 


FROM   THE   BALTIMORE    CLIPPER. 

Shea's  Book-keeping. — Having,  as  we  conceive,  a  good  practical  and  theoretical  knowledge 
of  the  science  of  Book-keeping,  we  can  therefore  judge  with  some  degree  of  correctness  of 
the  work  before  us.  We  have  examined  it  with  care  and  interest,  and  feel  no  hesitancy  in  re- 
commending it  to  those  who  wish  a  quick  and  thorough  insight  into  the  art,  as  the  best  book 
of  the  kind  we  have  ever  seen.  It  will,  we  have  no  doubt,  be  generally  adopted  by  the  teachers, 
and  ought  to  be  in  the  counting  room  of  every  merchant. 


F&OM   TUE   BALTIMORE    SON. 

Shea's  Book-keeping  is  an  excellent  treatise  on  that  subject;  brief,  cle.ir  and  comprehen- 
sive, and  consequentiy  well  adapted  to  aid  the  learner  in  acquiring  a  knowledge  of  that  which 
is  necessary  to  every  one,  and  indispensable  to  those  engaged  in  trade,  commerce  or  manu- 
factures. 


182 


TESTIMONIALS. 


EXTRACT   FROM   THE   BALTIMORE    SATURDAY    MORNING    VISITER. 

Nothing  can  be  of  more  importance  to  men  engaged  in  ttie  trade  and  traffic  by  whicli  their 
livings  and  their  fortunes  are  acquired,  than  to  preserve  a  correct  transcript  of  every  busmess 
transaction  ;  and  this  is  not  readily  done,  unless  some  constant  method  is  pursued,  and  every 
charge  recorded  in  strict  accordance  with  that  method.  Thousands  of  dollars  have  doubtless 
been  lost  by  careless  records,  and  fortunes  liave  been  missed  for  want  of  a  proper  knowledge 
of  making  charges  in  business  matters.  Is  it  not  a  little  surprising  that  a  matter  of  such  daily 
interest  as  Book-keeping,  should  be  so  much  neglected,  and  so  little  improved  upon  ?  The 
labor  expended  in  the  works  heretofore  published  upon  the  subject  has  been  almost  entirely 
wasted ;  for  while  they  seemed  to  theorize  to  an  unlimited  extent,  and  to  record  what  was 
supposed  to  be  a  measure  of  the  practical  part  of  account  keeping,  in  many  instances,  they 
wandered  from  the  path  of  real  puisuits,and  imagined  pu2ziing  questions,  which  might  or 
might  not  be  of  advantage  to  the  individual  in  search  of  information  to  enable  him  to  minute 
properly  the  purchases  made  by  himself,  or  the  sales  he  made  to  others.  The  record  of  busi- 
ness transactions  should  be  made  in  the  plainest  and  simplest  manner  possible,  and  it  would 
seem  to  be  useless  to  speculate,  or  to  theorize,  which  is  pretty  much  the  same  thing,  upon  a 
subject  of  so  much  practical  importance.  The  works,  therefore,  upon  Book-keeping  which 
exhibit  a  formidable  array  of  speculative  argument,  fail  to  accomplish  the  intended  design,  and 
perplex  the  student  whose  purpose  is  to  become  sufficiently  acquainted  with  the  subject  to 
enable  him  to  place  upon  record  occurrences  in  trade,  so  that  he  may  recur  to  this  when  it 
becomes  necessary,  and  understand  them  at  a  glance. 

In  the  volume  before  us,  we  find  Book-keeping  as  we  think  it  should  be ;  divested  of  its 
mountain  terrors,  and  reduced  to  a  plain  and  practical  system  which  may  be  understood  by  the 
unmatured  intellect,  and  used  with  ease  by  the  man  of  limited  attainments.  Without  the  un- 
necessary reasoning  which  swelled  the  works  of  former  authors  to  an  enormous  size,  it  em- 
braces every  variety  of  form  and  arrangement  used  in  Book-keeping,  and  every  part  is  so 
thoroughly  explained,  that  a  second  reading  is  hardly  required  in  order  to  comprehend  their 
meaning  and  purport. 

The  author,  we  find,  has  not  entirely  confined  himself  in  his  researches  to  the  mere  subject 
of  Book-keeping  proper,  if  we  may  so  term  it,  but  he  has  considered  other  matters  of  import- 
ance, indispensable  to  the  counting  room.  His  calculations  of  interest,  and  equation  of  pay- 
ments will  be  found  of  great  value  to  those  who  are  in  the  habit  of  using  them,  and  whose 
daily  avocations  require  that  they  should  be  ready  in  making  them  out. 

Besides  the  subjects  we  h.ive  mentioned,  there  are  in  the  book,  lectures  upon  Book-keeping, 
which  will  assist  the  learner  to  acquire  a  knowledge  of  the  science  uninstructed  by  any  other 
means,  and  theee  are  so  comprehensive  that  they  embrace  every  department  of  Book-keeping, 
and  are  full  and  complete  in  all  respects,  and  there  are  a  number  of  forms,  such  as  Drafts,  Bills 
of  Parcels,  and  Bills  of  Exchange,  and  indeed,  every  thing  required  in  the  counting-house. 

The  work  is  well  adapted  for  use  in  schools,  and  from  its  simplicity  and  tlie  order  of  its 
arrangement,  might  be  used  with  but  little  trouble  to  the  instructors. 


EXTRACT    FROM   THE    BALTIMORE    AMERICAN. 

Shea's  Book-keeping  bears  a  high  reputation  for  excellence,  as  a  complete,  well  arranged 
and  perspicuous  treatise  on  Book-keeping.  The  importance  of  a  knowledge  of  this  useful  art 
we  need  not  dwell  upon.  Mr.  Shea's  book,  we  are  assured,  will  be  found  a  most  valuable 
assistant  to  all  learners  in  the  science  of  which  it  treats. 


EXTRACT  FROM  THE  ANNAPOLIS  DEMOCRAT,  MD. 

Shea's  Book-keeping — We  have  examined  a  copy  of  this  truiy  valuable  work.  The  autlior, 
Mr.  Shea,  is  a  practical  accountant;  in  it  he  has  displayed  an  extensive  knowledge  of  single 
and  double  entry  Book-keeping,  in  which  the  mechanic,  the  farmer,  the  lawyer,  the  doctor, 
and  the  merchant,  will  find  useful  and  important  information.  It  is  simple  in  its  illustriitions, 
and  sufficiently  comprehensive  in  all  the  information  requisite  for  practical  purposes.  We 
have  heard  Mr.  Shea  highly  spoken  of  as  an  able  and  communicative  lecturer  on  the  subject 
of  Book-keeping.  His  critical  knowledge  of  accounts,  connected  with  the  various  branches 
of  commerce,  has  rendered  him  peculiarly  qualified  for  such  an  undertaking. 


183 


TESTIMONIALS. 


EXTRACT    FROM    THE    BALTIMORE    POST. 


Shea's  Book-keeping.— It  contains  the  systems  of  both  double  and  single  entry  Book-keeping 
and,  so  far  as  we  are  competent  to  judge,  embraces  all  it  is  possible  to  leach  to  the  learner  pre- 
paratory to  his  entrance  into  the  counting-room. 


EXTRACT   FROM   THE   NATIONAL   INTELLIGENCER,    WASHINGTON,    D.    C. 

Shea's  Book-keeping.— The  author  of  this  treatise  on  Book-keeping  is  well  known  in  the 
city  of  Baltimore  as  an  able  and  experienced  accountant ;  and  has  brought  with  him  to  this 
city  testimonials  of  the  most  unexceptionable  character,  from  respectable  mercantile  houses 
and  citizens,  in  favor  of  his  "Book-keeping."  We  have  examined  a  copy  of  the  work  suffi- 
ciently to  satisfy  ourselves  that  it  is  a  highly  deserving  publication,  well  worthy  the  patronage 
of  teachers  and  others  who  are  desirous  of  imparting  or  acquiring  a  full  knowledge  of  the 
practice  of  Book-keeping. 


EXTRACT    FROM   THE    KEYSTONE,    AT   HARUISBURG,    PA. 

Shea's  Book-keeping. — Mr.  Shea,  the  author  of  this  excellent  work,  is  a  gentleman  who 
has  had  several  years'  experience  in  the  capacity  of  teacher,  lecturer,  and  practical  accountant 
in  various  parts  of  the  Union.  His  work  is  considered  by  tiie  most  accomplished  and  scientific 
scholars,  as  the  muUum  in  parvo  of  the  actual  practice  of  Book-keeping,  as  pursued  in  our 
well  regulated  counting  houses  in  the  United  States.  The  ariangement  of  the  matter,  and  the 
ingenious  adaptation  of  it  to  persons  pursuing  every  kind  of  mercantile  business,  all  attest  that 
the  author  is  a  perfect  master  of  his  subject.  It  will  no  doubt  be  studied  with  pleasure  and 
profit  by  all. 


EXTRACT  FROM  THE  LANCASTER  INTELLIGENCER  AND  JOURNAL,  PA. 

We  think  Mr.  Shea  has  presented  the  desideratum^  that  will  supplant  every  other  system, 
when  it  becomes  known  as  it  deserves  to  be.  He  has  simplified  and  condensed  all  the  best 
authorities,  which  no  man  can  fail  to  understand,  even  at  a  glance.  His  calculations  of  inter- 
est, his  lectures,  (consisting  of  questions  and  answers  illustrative  of  the  whole  system  of 
double  entry,)  his  commercial  forms,  his  equation  of  payments,  and  vocabulary  of  commercial 
terms,  are  indeed  worthy  of  the  high  consideration  and  patronage  with  which  Mr.  Shea  has 
been  honored. 


EXTRACT    FROM  THE    PHILADELPHIA   UNITED    STATES  GAZETTE. 

Shea's  Book-keeping. — We  do  not  coincide  with  the  remark  made,  by  what  are  called 
practical  book-keepers,  viz :  that  a  study  of  the  theory  in  schools,  gives  little  or  no  facility  to 
the  practice  in  counting  rooms.  We  have  no  doubt  that  a  year's  labor  at  the  desk  is  worth 
two  years'  study  on  the  school  form ;  but  we  believe  that  the  study  will  greatly  aid  the  young 
clerk,  and  place  him  forward  in  the  great  science  upon  which  mercantile  success  so  much  de- 
pends. Hence  a  treatise  on  Book-keeping  has  claims  upon  the  consideration  of  book-keepers 
in  proportion  to  its  goodness.  We  have  before  us  a  work  in  octavo  form,  by  John  H.  Shea, 
entitled  "  Book-keeping  by  Single  and  Double  Entry,  simplified  and  arranged  according  to  the 
present  practice  of  well  regulated  counting  houses  in  the  United  States."  It  appears  to  us  ad- 
mirably adapted  to  the  purposes  proposed,  abounding  in  examples  of  the  records  of  mercantile 
transactions,  from  the  most  simple  to  the  most  complicated. 

A  chapter  entitled  "Lectures,"  develops  in  a  catechetical  form  the  principles  of  the  science, 
and  makes  remarkably  easy  the  pathway  of  the  student.  The  mercantile  forms  and  calcula- 
tions are  exceedingly  interesting,  and  will  greatly  aid  those  who  are  seeking  to  proceed  cor- 
rectly in  the  important  steps  of  business. 

Mr.  Shea  has  been  quite  fortunate  in  the  patronage  secured  for  his  work,  and  we  learn  that 
it  has  been  favorably  received  at  the  high  school  of  this  city,  and  is  noiv  ridopted. 


184 


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